Creditors have agreed to the restructuring of a heavily indebted Chinese coal miner that has menaced the country’s shadow banking sector with a wave of defaults.		债权人已经就联盛能源有限公司(Liansheng Resources Group,简称联盛能源)的重组达成共识。这家负债累累的中国煤炭企业使中国影子银行业面临一波违约潮的威胁。
Details of the restructuring of Liansheng Resources – based in northern China – were not published by Xinhua, the official news agency that made the announcement, but an earlier report in local media indicated that the deal would avert defaults.		官方的新华社报道了联盛能源重组的消息，但没有透露具体细节，不过地方媒体早些时候的报道暗示，该协议将会让联盛能源免于违约。联盛能源总部位于中国北部的山西省。
It would be the second time in less than a month that Chinese financial institutions have rescued shadow bank products.		这将是中国金融机构在不到一个月时间里第二次救助影子银行产品。
In the latest case, Liansheng filed for restructuring in November because of a crippling Rmb28bn ($4.6bn) debt load. Six trust companies were together owed about Rmb5bn by Liansheng, but the ultimate creditors were wealthy investors who had bought high-yielding investment products from the trust companies based on those loans.		在最近的这起案例中，联盛能源由于背负280亿元人民币（合46亿美元）的巨额债务而于去年11月提出重整申请。6家信托公司总计向联盛能源提供了约50亿元人民币的贷款，但最终的债权人是从这些信托公司购买以那些贷款为基础的高收益投资产品的富裕投资者。
Many analysts have argued that China should allow trust products to fail in order to teach investors a lesson about the risks of high-yielding investments.		许多分析师辩称，中国应允许信托产品违约，以便让投资者认识到高收益投资的风险。
But officials and bankers have focused on minimising short-term pain while buying more time to work down bad loans and rein in the shadow bank sector.		但官员和银行家们致力于尽可能地降低短期痛苦，同时争取更多时间来削减坏账和抑制影子银行业。
Critics believe this will fuel bigger problems in the future. Although attention has focused on the trust companies exposed to Liansheng, China Development Bank, a state-owned lender, was its biggest creditor. As of October, Liansheng owed Rmb4.5bn to CDB. As its principal creditor, CDB had taken a lead role in negotiations over its restructuring.		批评人士相信，这将在未来引发更大的问题。尽管关注焦点是对联盛能源存在敞口的信托公司，但该公司最大的债权人是中国国家开发银行（CDB，以下简称国开行）。截止去年10月，联盛能源欠国开行45亿元人民币。作为主要债权人，国开行在联盛能源重组谈判中占据主导地位。
The 21st Century Business Herald, a local newspaper, reported details of CDB’s proposal. Three unidentified local companies in Shanxi province, where Liansheng is based, would invest Rmb3bn in the miner. CDB, meanwhile, would lend it a further Rmb2bn in return for a 50 per cent stake. The plan would give Liansheng six years to restructure and priority would be placed on paying off the trust products as they mature.		《21世纪经济报道》(21st Century Business Herald)报道了国开行提议的重组细节。山西省3家未透露名称的本地企业将向联盛能源投资30亿元人民币。与此同时，国开行将向该公司进一步提供20亿元人民币贷款以换取50%的股份。该计划将给予联盛能源6年重组时间，并将优先兑付陆续到期的理财产品。
The deal would in effect protect the wealthy investors while putting Liansheng’s bad debts on the books of Chinese banks and other financial institutions – including rural credit co-operatives – that had also lent it money.		该协议实际上将会保护富裕投资者的利益，同时将联盛能源坏账纳入中国各银行以及其他向该公司提供贷款的金融机构（包括农村信用合作社）的账目上。
About Rmb5tn worth of trust products will mature this year. Officials are trying to maintain confidence in these investments at the same time as getting banks to bring risky assets funnelled through shadow banks back on to balance sheets. A deal to prevent a default on a separate high-yield trust product, issued by China Credit Trust, was reached in January.		今年中国将有大约5万亿元人民币的信托产品到期。官员们正努力维持投资者对这些产品的信心，同时让银行将流向影子银行的风险资产收回到它们的资产负债表上。今年1月，有关各方就防止中诚信托有限责任公司(China Credit Trust)发行的一款高收益信托产品违约达成协议。
Xinhua said more than 90 per cent of creditors to Liansheng had agreed a restructuring, without providing further information. CDB said the restructuring talks were ongoing.		新华社报道称，联盛能源逾90%的债权人已同意重组方案，但它没有提供进一步的信息。国开行表示，重组谈判仍在进行中。