USEUROPEAFRICAASIA 中文双语Français
Business
Home / Business / Companies

Creditor meeting held for Dongbei Special Steel bankruptcy

Xinhua | Updated: 2016-12-01 16:20

DALIAN - A bankruptcy creditor meeting for Dongbei Special Steel was held Thursday as the company's restructuring process proceeds smoothly.

The State-owned steelmaker, headquartered in Dalian in Northeast China's Liaoning province, has defaulted on corporate debts nine consecutive times, with debts of several billion yuan.

The company entered bankruptcy restructuring on Oct 10. The declaration of credits concluded while processes such as debt recognition and appraisal of properties and funds are under way.

The meeting was held by Dalian Intermediate People's Court and attended by 374 creditors.

The court agreed that the company could continue to operate and take charge of its own assets and business under supervision during the restructuring period. Production and operation of the company are proceeding as usual.

Under the downward pressure, China's steel sector, already burdened by overcapacity, has been especially hurt by shrinking demand.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US