Sinosteel, the troubled Chinese steelmaker which became one of the first state-owned firms to encounter bond repayment problems in 2015, is in the final stages of completing a debt-to-equity swap plan, online financial magazine Caixin reported on Tuesday.
The plan has been submitted to the State Council, China's cabinet, for approval and will soon begin in earnest, Caixin said, citing anonymous industry sources.
Sinosteel may be permitted to swap half of its debt into equity, Caixin added. The magazine estimates Sinosteel and its subsidiaries had 100 billion yuan ($15 billion) of debt at end-2014.
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