In an attempt to undo some of the damage caused by last month’s cessation of operations, ZTE is hoping to land a $10.7 billion credit line and has run up a short list of new board directors, reports the Financial Times.
The company said that it will seek $4.7 billion in credit from Bank of China and a further $6 billion from policy lender China Development Bank’s Shenzhen branch.
Shares in ZTE climbed on the news after dropping as much as 41% on the Hang Seng when the company resumed trading on Wednesday.
In accordance with conditions stipulated by ZTE’s deal with the US commerce department, several new member potential board members have been put forward, many of whom have previously held Communist party positions or with ZTE shareholders.
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