The financial restructuring of the German scrap recycling group Scholz has progressed one step further: Chinese metals recycler Chiho-Tiande Group signed a binding debt purchase agreement on Tuesday with a group of Scholz's secured creditors, the Chinese firm announced.
With the move, Chiho-Tiande Group (CTG) is seeking to become Scholz's largest individual creditor so it can complete its acquisition of the German metals recycling group as a next step, which is to reportedly take place in the course of this year. To which degree the Scholz family and the current management team will remain involved in the company is not yet clear. The debt purchase agreement is still subject to certain closing conditions.
A detailed report on Chiho-Tiande's agreement with Scholz's creditors will appear on 6 July in EUWID 14/2016.