China's Huishan Dairy plans to carve up firm with creditors, seeks 'white knight'

China's Huishan Dairy plans to carve up firm with creditors, seeks 'white knight'

FILE PHOTO - Yang Kai, Chairman and CEO of China Huishan Dairy, takes part in a ceremony during the debut of the company at the Hong Kong Exchanges September 27, 2013. REUTERS/Bobby Yip/File Photo

Embattled China Huishan Dairy Holdings Co Ltd is planning to carve up shares in the company among its creditor banks and existing shareholders as part of restructuring plans as it struggles to pay back billions of dollars of debt.

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