It was a long road to insolvency for Dongbei Special Steel Group, a state-owned producer in China’s northeastern industrial heartlands that first defaulted in March after Yang Hua, the company’s chairman, was founded dead after a suspected suicide.
Efforts to save the company through months of negotiations between creditors and the Liaoning government, Dongbei Special’s owner, got nowhere
. On Thursday, eight defaults in, the company finally entered bankruptcy proceedings with a restructuring plan expected to be enacted next month.
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