On February 24th, 20 18, the Intermediate People's Court of Yichun City, Heilongjiang Province officially passed the bankruptcy reorganization draft of 40 companies including Xilin Iron and Steel by Jianlong Group.
According to the draft restructuring plan, Jianlong Group will invest more than 7 billion yuan to pay off debts. This fund is larger than the estimated value of 40 companies such as Xilin Iron and Steel, which is 60.6 1 100 million yuan.
Xilin Iron and Steel Co., Ltd. is the largest iron and steel joint venture in Heilongjiang Province, an important production base of building steel and profiles in Northeast China, and one of the first 45 national key iron and steel enterprises to obtain the qualification of "Standard Conditions for Production and Management of Iron and Steel Industry" issued by the Ministry of Industry and Information Technology.
Xilin Iron and Steel Company, formerly known as Xilin Iron and Steel Plant, was founded in 1966, and Xigang was formally established on1October 24th, 2006. In 2005, Xigang became a joint-stock private enterprise through the reform of state-owned enterprise property right system.
People's Daily Online-Yichun Intermediate People's Court ruled in accordance with the law to approve the merger and reorganization of 40 companies including Xilin Iron and Steel Group Co., Ltd.