A unit of one of Chinas big five power producers has been ruled bankrupt after amassing major debts, with a missed 16.44 million yuan ($2.39 million) loan repayment proving the straw that broke the camels back.
A local court in northern Chinas Gansu province deemed Gansu Datang International Liancheng Power Generation Co. to be seriously insolvent after it failed to pay creditors, according to a stock exchange filing (link in Chinese) from its parent company on Thursday.
The unit of Datang International Power Generation Co. accrued debts of around 1.77 billion yuan, the filing showed. With the companys assets worth around 594 million yuan, its debt to liability ratio stands at a whopping 298.5%. Bankruptcy and liquidation proceedings wi…
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