Historical company files bankruptcy
23/1/2003 16:29
Beijing Wangmazi Scissors Factory, with nearly 400 years of history,
recently filed for bankruptcy. The verdict is due shortly, Beijing-based Jinghua
Times reported today.
The company is in dire straits, with 12.8 million
yuan (US$1.5 million) in assets and nearly 27.8 million yuan in debt, a
debt-equity ratio of 216.6 percent as of May 31, 2002.
The renowned
scissors maker was founded in the Qing Dynasty in
1651.
Shanghai Daily news
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