Liu Anlin, chairman of Shandong SNTON Steel Cord Co., Ltd. confirmed on May 28 that the company has been bought out by Shanghai Yisheng Industrial Co., Ltd..
Shandong SNTON Steel Cord Co., Ltd. belongs to Shandong SNTON Group Corp. founded in 1987. As a national key high-tech enterprise and a strong, advanced state-level cluster, the SNTON Group is engaged in various industries, including steel cord, fine chemicals, machine manufacturing, electric equipment, architectural construction, and real estate development.
However, Shandong Shengtong Group broke out debt crisis in 2018.
By the end of September 31, there is nearly 4 billion yuan of uncollectible account receivable, and most of account receivable unit were executed by dishonored person.
By the end of 2018, there were accumulated 398 million yuan of debt couldn't be paid off by Shandong Shengtong Group.
In March 2019, Shandong Shengtong Group applied for bankruptcy.
Until now, Shengtong Group finally completed bankruptcy reorganization. Liu said Shandong SNTON Steel Cord has started operation now.
