A court has declared bus operator Reolian Public Transport Co Ltd bankrupt after the government and two Macau banks failed to agree on a rescue deal. No formal proposal to save the company from bankruptcy was presented at a meeting of creditors yesterday. Our sister publication Business Daily quotes two unidentified sources as saying Banco Luso Internacional SA and Bank of China’s Macau branch had offered to refinance about MOP160 million (US$20 million) of Reolian’s debt. The sources said that the banks had unsuccessfully demanded that, in return, the government pay the company more to run its bus services. Reolian said it had sought bankruptcy largely because the government refused to pay it more.
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