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Zhejiang firm owes 5.96 billion yuan to 7,000 creditors
By Wang Qingchu |
April 18, 2012, Wednesday
|
Online Edition
Online Edition
LIREN Education Group in Taishun County, eastern Zhejiang Province owed 5.96 billion yuan (US$946 million) to some 7,000 creditors, local authorities said yesterday.
An auditing company found Liren was 5.96 billion yuan in debt, said Taishun government.
By April 16, 5,562 people who lent Liren more than 4.3 billion yuan had approached the local government. Authorities said the actual number might be around 7,000 as some people didn't come due to various reasons, Xinhua news agency reported.
Taishun County has set up an emergency fund to keep some of Liren's projects running to minimize the losses of creditors.
Dong Shunsheng, president of Liren, was detained in February after he announced last October that the group would stop repaying creditors and begin asset restructuring as the company ran out cash.
The group, founded in 2003, owns 36 schools and companies in the country. Its business ranged from education to real estate development and mining.
An auditing company found Liren was 5.96 billion yuan in debt, said Taishun government.
By April 16, 5,562 people who lent Liren more than 4.3 billion yuan had approached the local government. Authorities said the actual number might be around 7,000 as some people didn't come due to various reasons, Xinhua news agency reported.
Taishun County has set up an emergency fund to keep some of Liren's projects running to minimize the losses of creditors.
Dong Shunsheng, president of Liren, was detained in February after he announced last October that the group would stop repaying creditors and begin asset restructuring as the company ran out cash.
The group, founded in 2003, owns 36 schools and companies in the country. Its business ranged from education to real estate development and mining.
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