WRAP-Oil refiner, soybean crusher collapse as China tightens credit [Reuters]
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Source: Reuters
Oil refiner, soybean crusher collapse as China tightens credit | Reuters Reuters Staff 4 Min Read BEIJING (Reuters) - A private oil refiner and an agricultural processor in China’s Shandong province have filed for bankruptcy, as tightening credit and weakening market conditions exact a toll on one of China’s industrial engines. While the companies are relatively small compared with state-controlled companies, they represent deeper lingering problems faced by heavy industry across swathes of China. Shandong Sunrise Group, a soybean crusher, registered for bankruptcy last week after failing to repay its debts, while Shandong Haiyou Petrochemical Group, an independent refiner, filed for joint bankruptcy with Shandong Hongju New Energy Co, a chemical trader. Both Haiyou and Hongju were previously controlled by Sunrise. Haiyou is now majority owned by the local government, according to local government documents. The company is headquartered in Rizhao, in the eastern province of Shandong.
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