Embattled China Huishan Dairy Holdings has instructed lawyers to prepare for its provisional liquidation after finding more debt, leaving some of the top lenders in Asia vulnerable.
According to a filing to the Hong Kong stock exchange on Thursday, the net liabilities of the Liaoning-based firms China entities could have been 10.5 billion yuan (US$1.58 billion) as of March.
The board has instructed the Cayman legal advisers of the company to prepare the relevant documentation to place the company into provisional liquidation, said Huishan Dairy in the filing. Such steps will take into account, as far as possible, options available to the company to preserve the assets of the group.
A provisional liquidation filed by a compan…
Read the full article at: http://www.scmp.com/business/companies/article/2120406/asias-top-banks-face-losses-china-huishan-dairy-proposes