Qixing Group to enter bankruptcy reorganization and Xiwang Group to end trusteeship
2017-07-05 11:53:56 [Print]
After a 3-month trusteeship period, Qixing Group in Zouping county, Binzhou city of Shanxi will start bankruptcy reorganization.
On July 3, Xiwang Group announced that as for further trusteeship works, the local government will require Qixing to start bankruptcy reorganization as Qixing has been debt-laden according to preliminary audit assessment from certain agency. The 3-month trusteeship will expire on July 3 and Xiwang Group will withdraw from the trusteeship after the termination of the tripartite arrangement. As for funds inserted by Xiwang, the priority for refunding will be given to Xiwang after the start of the bankruptcy reorganization in order to ensure that the company will affected by financial loss.
Data showed that Qixing Group is a large and key private enterprise with multilevel operations, which is mainly engaged in industries of aluminum deep-processing and cogeneration.
On July 3, Xiwang Group announced that as for further trusteeship works, the local government will require Qixing to start bankruptcy reorganization as Qixing has been debt-laden according to preliminary audit assessment from certain agency. The 3-month trusteeship will expire on July 3 and Xiwang Group will withdraw from the trusteeship after the termination of the tripartite arrangement. As for funds inserted by Xiwang, the priority for refunding will be given to Xiwang after the start of the bankruptcy reorganization in order to ensure that the company will affected by financial loss.
Data showed that Qixing Group is a large and key private enterprise with multilevel operations, which is mainly engaged in industries of aluminum deep-processing and cogeneration.
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