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Famed Chinese yogurt maker announces huge debts
Source: Xinhua |
December 5, 2010, Sunday
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Online Edition
Online Edition
TAIZINAI, a leading Chinese yogurt manufacturer currently undergoing bankruptcy reorganization, declared yesterday it has enormous debts owed to domestic investors along with unconfirmed debts to foreign investors, including Citibank.
The Beijing-based Deheng Law Office, which was designated by a local court to operate the bankruptcy proceedings of Taizinai's major branches in Hunan Province, held a meeting of creditors yesterday evening, announcing that the dairy group's Hunan branches owe 1.213 billion yuan (nearly 182 million U.S. dollars) to 1,315 domestic investors.
In addition, more than 30 creditors, including Citibank, the Royal Bank of Scotland and many overseas organizations and individuals, have claimed several billion yuan in debts from Taizinai, but the amount is still being examined, the law office said.
Citibank alone had asked for 540 million yuan, while the Royal Bank of Scotland demanded payment of nearly 200 million yuan from Taizinai, it said.
Representatives of 579 creditors were present at the meeting.
However, the Beijing law office did not announce details about payment procedures, leaving many creditors displeased.
Taizinai, which has branches in Beijing, Hubei and Sichuan provinces, and on the Cayman Islands, owes a huge debt due to its rapid expansion, supported in recent years by investment banks such as Actis Capital, Morgan Stanley and Goldman Sachs.
In April, a Cayman Islands court declared Taizinai's local branch bankrupt due to its debt to Citibank.
Creditors have filed bankruptcy lawsuits against the dairy in different places in China. Further, the government of Zhuzhou City, where Taizinai is headquarted, has set up a firm as the sole leasing operator of Taizinai in an attempt to lead them out of bankruptcy.
The Beijing-based Deheng Law Office, which was designated by a local court to operate the bankruptcy proceedings of Taizinai's major branches in Hunan Province, held a meeting of creditors yesterday evening, announcing that the dairy group's Hunan branches owe 1.213 billion yuan (nearly 182 million U.S. dollars) to 1,315 domestic investors.
In addition, more than 30 creditors, including Citibank, the Royal Bank of Scotland and many overseas organizations and individuals, have claimed several billion yuan in debts from Taizinai, but the amount is still being examined, the law office said.
Citibank alone had asked for 540 million yuan, while the Royal Bank of Scotland demanded payment of nearly 200 million yuan from Taizinai, it said.
Representatives of 579 creditors were present at the meeting.
However, the Beijing law office did not announce details about payment procedures, leaving many creditors displeased.
Taizinai, which has branches in Beijing, Hubei and Sichuan provinces, and on the Cayman Islands, owes a huge debt due to its rapid expansion, supported in recent years by investment banks such as Actis Capital, Morgan Stanley and Goldman Sachs.
In April, a Cayman Islands court declared Taizinai's local branch bankrupt due to its debt to Citibank.
Creditors have filed bankruptcy lawsuits against the dairy in different places in China. Further, the government of Zhuzhou City, where Taizinai is headquarted, has set up a firm as the sole leasing operator of Taizinai in an attempt to lead them out of bankruptcy.
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