Dongbei Special Steel Group Forced Into Bankruptcy

(Beijing) — China's largest specialty steel producer was finally driven into bankruptcy after the company defaulted on 3.6 billion yuan ($540 million) in debt, missing eight payments since March, according to a creditor document circulated online.

The Liaoning provincial government "has confirmed that Dongbei Special Steel Group will enter bankruptcy proceedings, and the bankruptcy plan is expected to come out by the end of September, and the provincial government demands the implementation of the plan to be completed in October," says a creditor meeting summary that began circulating online Wednesday morning.