China Printing Dyeing Arm Faces Debt Repayment Problems
10 October 2008
(XFN-ASIA) - The Chinese operating arm of textile dyeing company China Printing & Dyeing Holding Ltd is unable to repay debts that could reach 2 bln yuan, according to Chinese media.
The Shaoxing Daily reported that Zhejiang Jianglong Textile Printing& Dyeing Co had 1.2 bln yuan in unpaid loans from banks and another 800 mln from private lenders.
The report did not name any banks and did not make it clear if the credits were due.
Officials of the mainland company, based in Shaoxing in east China, could not be contacted by XFN-Asia. Telephone directory assistance employees said that a number of telephone lines had been disconnected.
The report also said that chairman and founder of the mainland company Tao Shoulong had disappeared. This too could not be confirmed.
It said the local government has sent a work team to the Chinese company to settle problems related to the issue.
As of yesterday, the government has paid August and September wages to workers to end their protest, according to the news report.
On Wednesday, China Printing & Dyeing asked the Singapore Exchange for a trading suspension for its stock.
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China Printing Dyeing Arm Faces Debt Repayment Problems
10 October 2008
(XFN-ASIA) - The Chinese operating arm of textile dyeing company China Printing & Dyeing Holding Ltd is unable to repay debts that could reach 2 bln yuan, according to Chinese media.
The Shaoxing Daily reported that Zhejiang Jianglong Textile Printing& Dyeing Co had 1.2 bln yuan in unpaid loans from banks and another 800 mln from private lenders.
The report did not name any banks and did not make it clear if the credits were due.
Officials of the mainland company, based in Shaoxing in east China, could not be contacted by XFN-Asia. Telephone directory assistance employees said that a number of telephone lines had been disconnected.
The report also said that chairman and founder of the mainland company Tao Shoulong had disappeared. This too could not be confirmed.
It said the local government has sent a work team to the Chinese company to settle problems related to the issue.
As of yesterday, the government has paid August and September wages to workers to end their protest, according to the news report.
On Wednesday, China Printing & Dyeing asked the Singapore Exchange for a trading suspension for its stock.
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