Xibei Bearing Debt Restructuring Notice

Resource from: cbcc-yinx Likes:2937

Oct 24,2006

Xibei Bearing Debt Restructuring Notice To improve management of receivables, Xibei Bearing Stock Co.,Ltd decide to cut the liabilities of 20 debtor companies who have been unable to repay their liabilities for a long time by some discount. From Jan. to Sept. total discount value have reached RMB13.8861 million. Oct. 18, 2006, Xibei Bearing Stock Co.,Ltd convened their 15th session of the 4th Board Meeting to discuss the debt restructuring proposal. In the course of the meeting, the proposal was approved by a unanimous vote. Given the limitation by relevant articles in the Corporation Regulation, the board expect a discount value less than RMB20 million in 2006 fiscal year. In addition, among all 20 debtor companies, there are no distributor of Xibei Bearing's NXZ brand products.

(cbcc-yinx)

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