Changjiang Pharmaceutical Group (SHE:300391) said its subsidiary, Hubei Changjiang Xing Pharmaceutical, filed for bankruptcy reorganization by creditor Wuhan Century Baima System Engineering due to overdue debt of 6.2 million yuan, according to a Thursday filing with the Shenzhen Bourse.
The Shiyan Intermediate People's Court accepted the case on Feb. 11. The company is also undergoing pre-restructuring. Changjiang Xing plays a key role in the company's operations, and a successful restructuring could help resolve financial difficulties.
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