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Youbisheng Green Paper says plans insolvency filing in next days
August 7, 2014 / 5:57 PM / 3 years ago

Youbisheng Green Paper says plans insolvency filing in next days

BERLIN, Aug 7 (Reuters) - Youbisheng Green Paper, a Chinese clean-tech linerboard maker, said it planned to file for insolvency and had lost its chief executive who has resigned with immediate effect.

German-listed Youbisheng said in a statement on Thursday that its supervisory board will file for insolvency in the coming days as the company’s financial situation remains unclear amid “insufficient liquidity” and the leadership vacuum.

CEO Haibo Huang, appointed last week, told the supervisory board he “doesn’t feel to be in a position to meet the requirements” of the board. (Reporting by Andreas Cremer, editing by David Evans)

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