MOSCOW (MRC) -- Shaoxing Yuandong Petrochemical Co. shareholders, during a 17 July provisional shareholders meeting, agreed with a decision to file for bankruptcy liquidation, reported GV with reference to a report on the China Chemical Fiber Group’s website.
Yuandong, which operates three 600,000-t/y purified terephthalic acid (PTA) plants and a 1.4-million-t/y PTA plant at Shaoxing in China’s Zhejiang Province, is unable to repay overdue debt.
The company is continuing to seek strategic investors, but plans to apply for capital verification, as well as the bankruptcy liquidation.
As MRC informed earlier, on 3 July 2015, BP Zhuhai Chemical Co Ltd started a new PTA in 2015. Located in Zhuhai, China, the plant has a production capacity of 1.25 million mt/year.
PTA is the raw material used to make polyethylene terephthalante (PET) and polyester which is found in a wide range of consumer goods ranging from fabrics to food and beverage containers. The BP Cooper River site is the largest PTA producer in the Americas and BP Geel is the largest in Europe.
Shaoxing Yuandong Petro-Chemical Co. Ltd. is a petrochemical products manufacturer. The Company mainly produces, processes and sells pure terephthalic acid, polyester chips, chemical fiber and other petrochemical products.
MRC