Major private steel company files for bankruptcy protection
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ATAHK reads from China Daily that Haixin Iron and Steel Group, the largest private iron and steel enterprise in Shanxi province, has started bankruptcy reorganization procedures, according to a local court on Monday.
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The company, located in Wenxi county, had an annual steel output of five million tons and was ranked second only to Shougang Changzhi Iron and Steel Co, another State-owned enterprise, within the province. It is also the largest privately-owned company in Shanxi.
According to public data, the company recorded 10.46 billion yuan ($1.71 billion) in debt compared with 10.07 billion yuan in its account.
Production was suspended on March 18, due to industry overcapacity, a stagnant market, tightened credit and management issues.
In August, four lenders to Haixin filed bankruptcy plans to the Yuncheng Intermediate People's Court, aiming to reorganizing five companies within the group.
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