Another ‘Zombie Company’ Seeks Reorganization
Bankrupt Dalian Machine Tool Group Corp. has officially entered reorganization proceedings, becoming the latest Chinese “zombie company” to fail amid tightened liquidity and the sector’s overcapacity.
The Intermediate People’s Court of Dalian, in Northeast China’s Liaoning province, accepted a petition from Dalian Machine’s creditors on Friday that requested the machine-tool maker restructure its debts and businesses.
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