On December 26, 2007, Dandong Chemical Fiber Co., Ltd. (Dandong Chemical Fiber) officially announced that its controlling shareholder, Dandong Chemical Fiber (Group) Co., Ltd., is planning to collaborate with Dalian Honglin Investment Holding Group Co., Ltd. to carry out a major asset restructuring initiative for the company. This move followed prior discussions and approval from the mayor of Dandong Municipal Government, signaling a strategic shift aimed at revitalizing the struggling firm.
Reports indicate that Dandong Chemical Fiber has been in financial distress for over two years, with its net assets turning negative and the company facing serious risks of delisting. Its stock had already been placed under special treatment due to ongoing losses. Under the proposed restructuring plan, Honglin Investment Group would gain control by acquiring shares of Dandong Chemical Fiber. In addition, the group plans to settle debts owed to Danhua Chemical Group by injecting high-quality assets into the company. Dandong Chemical Fiber also intends to divest its chemical fiber-related assets and liabilities as part of the broader reorganization strategy.
Honglin Investment Group is a diversified enterprise engaged in various sectors, including project investment, economic consulting, construction and decoration, steel pipe manufacturing, property management, domestic trade, and real estate development. The partnership with Dandong Chemical Fiber represents a significant step toward stabilizing the company’s financial position and ensuring long-term sustainability. This restructuring effort could mark a turning point for the company, offering hope for recovery and renewed growth.
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