Bankruptcy liquidation of Yunnan Copper subsidiary Deqin Xinke Metallurgical Co., Ltd.

Published: Dec 9, 2019 13:38

Save

SMM12, March 9: Yunnan Copper Co., Ltd. issued a notice that the sixth meeting of the eighth session of the Board of Directors was held on November 29, 2019, and passed the "Resolution on subsidiary bankruptcy liquidation of Yunnan Copper Co., Ltd." agreed to the company as a creditor to apply for bankruptcy liquidation of its subsidiary Deqin Xinke Metallurgical Co., Ltd. (hereinafter referred to as Deqin Xinke).

According to the announcement, Deqin Xinke is a holding subsidiary of Yunnan Copper Co., with a registered capital of 22.644 million yuan. Due to the accumulated losses of Deqin Xinke, the assets are not sufficient to pay off all its debts, and there is no possibility of resuming production, which meets the conditions for bankruptcy liquidation. In order to further reduce losses and safeguard the legitimate rights and interests of the company and shareholders, the company, as a creditor, applied for bankruptcy liquidation of Deqin Xinke. The company's application for bankruptcy liquidation of Deqin Xinke is conducive to preventing Deqin Xinke from appearing greater losses, in line with the market law of survival of the fittest, and conducive to the production and operation of the company and the healthy development of the whole.

Scan QR code, apply to join SMM metal communication group, please indicate company + name + main business

Yunnan Copper Industry

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

6 hours ago

A Major Mine Released Spot Copper Concentrates Tender Information

[SMM Spot Copper Concentrates] It was reported that a major mine recently released tender information. Lots 1-4 and 6: 10,000 mt of clean ore each, with shipment in August-September. Lot 5: 10,000 mt of clean ore, with shipment in Q4. The tender closes at the end of this week.

6 hours ago

8 hours ago

LME Inventory keeps Dropping as Metal Moves to US Warehouses

The COMEX-LME copper price spread has continued to widen over the past two weeks, reaching approximately $400/t by late May and touching a recent high of $500/t. With the cross-market arbitrage window remaining open, traders have accelerated the cancellation of LME registered warrants and the transfer of material to the United States. LME copper inventory drawdowns have picked up pace, falling 3,375 tonnes on May 29th to 386,050 tonnes — a fresh 10-week low. Cancelled warrants currently account for 30.87% of total LME copper inventory, with more than half concentrated in US LME warehouses, reflecting clear intent to move metal. Meanwhile, COMEX copper inventories have continued to build to approximately 575,000 tonnes. According to SMM, CIF Shanghai COMEX registered bill-of-lading warrants

8 hours ago

BC Copper Most-Traded Contract Closed Lower in Volatile Trading, Market Suppressed by Geopolitical and Supply-Demand Dual Pressures [SMM BC Copper Commentary]

8 hours ago