Polyster maker faces snags

Article Abstract:

Yizheng Chemical Fibre Co. of Yizheng, China, is facing a decline in exports of polyester and mounting inventories of over 30,000 tons. The company, the world's fourth-biggest maker of polyester, has traced the decrease in exports to competition from other Asian countries, including South Korea and Taiwan, who are able to offer their polyester at lower prices due to the depreciation of their currencies. Yizheng Chemical, once described as one of the country's best-run state firms, posted a loss of $8 million in 1997 due to the problem.

Comment:

Is facing a decline in exports of polyester and mounting inventories of over 30,000 tons

Market information - general, Noncellulosic Organic Fiber Manufacturing, Polyester Fibers, Yizheng Chemical Fibre Industries, Article

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Red-chip firm poses threat: woes at Guangdong Enterprises could choke Hong Kong's economy

Article Abstract:

The bankruptcy of the Chinese state-owned Guangdong Enterprises Ltd has widespread commercial implications to Hong Kong. The firm whose liability was posted at $3.85 billion as of Jun 30, 1998, will run into liquidation once any of its divisions face demands for payment from their creditors. Its investment arm near Hong Kong has been negotiating for the rescheduling of its $2.94 billion debt. Moreover, large portions of the debt will mature by the end of July 1999. Industry analysts believe that only a bankruptcy restructuring will save the firm from complete collapse.

United States, Sales, profits & dividends, Investment Offices, Investment Companies, Open-End Investment Funds, Business Failures, Analysis, Management, Economic aspects, Financial services industry, Finance, Financial services, Hong Kong, Bankruptcy reorganizations, Bankruptcy reorganization, Guangdong Enterprises Ltd.

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