According to online news, Deruibao Tire Co., Ltd. declared bankruptcy on February 9, 2015, with a debt of 4.7 billion yuan. It has been taken over by the local government, Guangrao County People's Government of Shandong Province, and has entered the liquidation stage.
It is understood that Deruibao Tire Co., Ltd. was established in December 2009. It is a large-scale modern tire enterprise integrating R&D, production, sales and international trade of all-steel radial tires and semi-steel radial tires with a registered capital of 210 million yuan.
According to media reports, the company has obtained a non-related guarantee amount of 894 million yuan from Qingdao Double Star, Saixiang, Soft Control and Giant Wheel in 2010.
The reporter was informed that Deruibao tires had been in arrears of employee salaries several times due to financial constraints. The company’s employees even asserted that “the company will not be able to declare bankruptcy in 2015.†It is now said.
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