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

Published: Dec 9, 2019 13:38

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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.

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Yunnan Copper Industry

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