Dongbei Special Steel enters bankruptcy proceedings

Tuesday, 11 October 2016 11:44:21 (GMT+3)   |   Shanghai
       

On October 10, Liaoning Province-based Chinese steelmaker Fushun Special Steel Co. (Fushun Special Steel) announced that its controlling shareholder Dongbei Special Steel Group has received a notification from Dalian municipal Intermediate People's Court. Accordingly, Dalian municipal Intermediate People's Court announced that Dongbei Special Steel Group entered bankruptcy and reorganization proceedings because of its inability to repay bonds. 

As of October 10, Dongbei Special Steel Group holds 496,876,444 shares in Fushun Special Steel, which are all frozen, accounting for 38.22 percent in Fushun Special Steel’s stake.

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