According to a court ruling from the Xi'an Intermediate People's Court on October 8, a third printing and dyeing mill in Shaanxi has been granted to undergo bankruptcy liquidation according to law.
The mill has been running in to a loss since a long time. While the assets of the mill is estimated at Yuan 171.43 million, total liabilities on the other hand have touched Yuan 618.08 million. Liabilities have exceeded assets by more than 360 percent, which has met the statutory conditions for bankruptcy.
The plant has been running a negative balance sheet since 1989 with its cumulative loss in eighteen years amounting to Yuan 588.58 million. This printing and dyeing mill in Shaanxi was established in 1950 and was the largest printing and dyeing mill in north-west then.
Fibre2fashion News Desk - China
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