After a struggle to repay its debts since last year, Guangxi Nonferrous Metals Group, the Chinese state-owned metal producer, has finally been declared bankrupt, becoming the country’s first interbank bond issuer to fail.
Guangxi Nonferrous Metals has debts totalling 14.5 billion yuan, giving it an asset-to-liability ratio of 216.77 per cent, according to Caixin, the mainland online financial magazine.
Caixin said its creditors include China Development Bank, Minmetals International Trust Co, Shenwan Hongyuan Securities and Shanghai Pudong Development Bank.
