Four domestic banks are hounding Ever Fortune Industrial Co (
According to Hsieh Chao-nan (
"While failing to pay interest on the NT$3.5 billion loan since March, Ever Fortune has also breached its contract, entitling the banks to claim its corporate bonds, which are due soon," Hsieh told the Taipei Times yesterday.
"We expect Ever Fortune to pay its interest and principle on schedule," Hsieh added, unwilling to confirm whether the lenders will take drastic measures such as refusing to pay the construction company's checks.
Because Ever Fortune is the largest shareholder in Evertransit International Development Corp (
Evertransit is expected to propose a complete financial portfolio to the Ministry of Transportation and Communications on Friday before finalizing and inking its contract with the government.
Evertransit said last week that Ever Fortune is just one of the project's 21 shareholders and its financial crisis will not affect the project.
In order to pay back its loans, Ever Fortune yesterday said it plans to liquidate 18 percent of its stake in the profit-making Everpower Plant (
"We plan to price the plant at NT$30 per share, liquidating a total of NT$2.7 billion, no later than December," Ever Fortune's executive vice president Chiang Chi-chen (
But with the stock market in a slump, Chiang said now is not a good time to sell off the corporation's shares.
He also said the corporation has a great deal of land for sale, but falling real estate prices have hurt plans to liquidate those holdings.
Chiang said he hoped the company's creditors could give the corporation some more time to clear up its debts, urging the banks not to take any drastic measures that will damage both the company's survival and its ability to pay back its loans.
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