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PrintOriental Morning Post reported that 5 companies in Changshu city of Jiangsu Province, namely Kehong, Xingdao, Xinghai, Xingyu and Changgang all belonging to Ferro China Limited which is listed in Singapore have went on the verge of bankruptcy with operation all halted.
According to the report, the crisis is reportedly inflicted by the news that the holder of Ferro China Limited Mr Zhang Yedong have disappeared with his partner Mr She Chuntai.
The local government hoped to save the five companies from the crisis, and had granted salary to the workers October 10. But there is a much bigger problem of the companies up to CNY 5 billion loan is due based on the bulletin Ferro China Limited published on Singapore Exchange Limited.
The creditors include Construction Bank, Agricultural Bank, Bank of China, Huaxia Bank, Shanghai Pudong Development Bank, Industrial Bank, CitiBank and Citic Ka Wah Bank.
Editor: Ivy
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