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Another tire company announces bankruptcy

All the equipment and inventory of Zhejiang Liwang Tire Co., Ltd. was auctioned by the People's Court of Ruian. 

After 24 rounds of bids, the assets were auctioned for 602,000 yuan.

The auction started at 342,000 yuan with a guarantee of 68,000 yuan.

The assets being auctioned include 251 units (sets) of equipment and tire and rubber inventory of 12 categories.

Before that, Liwang Tire was sued by a number of banks and investors as it didn't fulfill the debt obligations.

The deliquent loans, interests and joint payments of Liwang Tire valued at nearly 50 million yuan.

It is another tire producer in Zhejiang province being auctioned for insufficient cash flow following Baili Rubber and Tire Co., Ltd.