Luoyang Bearing Apply for Preferential Bankruptcy

Resource from: cbcc-yinx Likes:2939

Dec 04,2006

Luoyang Bearing Apply for Preferential Bankruptcy It is reported that Luoyang Bearing Group are applying to the State Council for a national preferential bankruptcy. And the State-owned Assets Supervision & Administration Commission of the State Council have approved their application, formal procedures are underway. For Luoyang Bearing, the application is to facilitate their being acquired by any possible candidate. To carry out a preferential bankruptcy means a company can enjoy the privilege of first paying all workers' welfare and pension, then repaying their debt. Also, the local government are obliged to repay part of the company's debt. Therefore, by taking preferential bankruptcy, a company can guarantee workers rights and interests to the largest extent and repay less debt. At present, Luoyang Bearing have total assets of RMB2 billion, but their debt have hit RMB2.4 billion. Such a company can't attract any investor. So far, 6 enterprises have been targeted as Luoyang Bearing's new owner successively. They are Schaeffler Group, SINOMACH, China Development Bank, ZWZ, Zhejiang Tianma Bearing, Wanxiang Group and the latest China Aviation Industry Corporation I. The preferential bankruptcy will help Luoyang Bearing divest some debt and redundant staffs, making them suitable for being acquired, probably regain their prosperity in future.

(cbcc-yinx)

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