On December 26, 2007, Dandong Chemical Fiber Co., Ltd. (Dandong Chemical Fiber) officially announced that its controlling shareholder, Dandong Chemical Fiber (Group) Co., Ltd., plans to collaborate with Dalian Honglin Investment Holding Group Co., Ltd. to carry out a major asset restructuring of the company. This reorganization plan had previously been reviewed and approved by the mayor of Dandong Municipal Government, signaling strong local support for the initiative.
The move comes as Dandong Chemical Fiber has struggled financially for over two years, with its net assets turning negative and putting the company at risk of delisting. Its shares have already been subject to special trading measures. As part of the restructuring, Honglin Investment Group is set to become the actual controller of Dandong Chemical Fiber by acquiring its equity. In addition, Honglin plans to settle debts owed to Danhua Chemical Group by injecting high-quality assets into the company. Dandong Chemical Fiber will also divest its chemical fiber-related assets and liabilities as part of the broader restructuring strategy.
Honglin Investment Group, a diversified enterprise, operates in areas such as project investment, economic consulting, construction and decoration, steel pipe manufacturing, property management, domestic trade, and real estate development. The group's involvement is expected to bring new capital, expertise, and strategic direction to Dandong Chemical Fiber, potentially reviving its operations and restoring investor confidence. This partnership marks a significant step in the company’s efforts to stabilize its financial position and secure a sustainable future.
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