August 16 -- China CNR Corporation (601299.SH) obtained a 6.5 billion yuan credit line from China Minsheng Banking Corporation (600016,1988.HK), reports Oriental Morning Post.

CNR Corporation has to date, obtained credit lines totaling 96.9 billion yuan from 11 banks.

Before the train collision in Wenzhou, Zhejiang province, on July 23, CNR had predicted a 120 percent year-on-year rise in first half 2011 net profit.

After the accident, CNR recalled 54 CRH380BL locomotives and suspended sales of this type of locomotives.

CNR has yet to complete its fundraising plans, including a private placement of up to 1.68 billion shares to raise 10.248 billion yuan, and the issuance of 12 billion yuan of various types of debt.

Following the train collision, listed train makers had faced difficulties in fundraising. China South Locomotive and Rolling Stock Corporation (601766, 1766.HK) suspended its fundraising plan, and China Railway Group (601390,0390.HK) cancelled its private placement plan.

According to CNR’s development plan, it had targeted annual sales revenue of 70 billion yuan in 2011 and 140 billion yuan in 2015. The company aims to be ranked among the top 500 global enterprises by 2020.

Source:capitalvue