Assets of a tire producer in Zhejiang auctioned by court
Machinery equipment and tire inventory of Zhejiang Liwang Tire Co., Ltd. will be auctioned by the People’s Court of Ruian, Zhejiang province, on Apr. 27-28.
The assets to be auctioned include 251 units (sets) of machinery equipment, namely vulcanizer, mixing machine, tube splicer and generating unit, as well as rubber and tires of all specifications.
The price starts at 342,000 yuan, with guarantee of 68,000 yuan, and the increment is 10,000 yuan.
As Liwang Tire defaulted on its payment obligation and was included in the list of dishonest executions.
The loans, interests and compensations defaulted by Liwang Tire approached 50 million yuan.
The auction is the determination of an adjudication and the subject of the auction has been seized by the court of Ruian and was mortgaged to the Ruian branch of the Industrial Bank.
- Tireworld Insight: Domestic tire makers eye overseas expansion
- Tireworld Insight: Price disparity severe between China's rubber exports and imports
- Tireworld Insight: China tire exports dependent on US market performance
- Tireworld Insight: SHFE rubber expected to move in tight range in short-term
- Tireworld Insight: Rubber futures to test near-term resistance at 15,000 yuan/tonne
- Tireworld Insight: China’s tire industry on track of rapid growth
