Bohai Steel Group, a debt-stricken state-owned enterprise, has entered bankruptcy proceedings as Tianjin Higher People’s Court accepted its creditor Tianjin Seri Machinery Equipment Corp., Ltd.’s application to reorganize Bohai Steel Group on August 24th. The group’s bankruptcy and reorganization process involves 48 businesses located in Tianjin and Hebei province. China Banking and Insurance Regulatory Commission said it will work with Tianjin municipal government to establish a creditors committee. The committee, local government and enterprises will fully communicate on major issues …

Bohai Steel Group Enters Bankruptcy Proceedings Two Years After Its Debt Crisis Erupted appeared first on China Money Network.