China Development Bank (CDB), the principal underwriter of three bond issues on which struggling Dongbei Special Steel Group has defaulted, has revised and finalized a proposal on the debt for an investor meeting, domestic news portal yicai.com said on Tuesday.

The new proposal has seven points, or three more than previously. One requires a pledge by Dongbei that it won't carry out a debt-to-equity swap or default without adequate reasons, and that it will publish a statement to that effect online, the report said.

These conditions were added in response to bondholders' demands.

However, two demands by bondholders, including one that urges relevant finance institutions to stop lending to the government of Northeast China's ­Liaoning Province and companies in that region, weren't included in the new document, said the report.

The report cited one of the bondholders as saying that investors are not satisfied with that situation, as these are crucial issues that reflect the company's attitude.

But the person in charge of the matter at CDB said the decision was appropriate and was based on the financial stability of the northeastern region and the nation as a whole.

In any case, such a lending ban is not up to CDB to decide on, the report said, citing the person.

A former employee of CDB noted that this is only an interim decision.

This is the third investor meeting since the company began defaulting on its debt in March. If no measures are taken after meeting, investors will hold a fourth meeting, the report noted, citing the former employee. 

The latest proposal is awaiting the investors' vote.