Jilin Yatai Group Co., Ltd. announced on September 18 that a subsidiary under the company added overdue debt of 359.3336 million yuan, accounting for 58.05% of the company's latest audited net assets attributable to the parent. Among this, Jilin Pharmacy Co., Ltd. had overdue debt of 122.1283 million yuan, and Jilin Yatai Cement Co., Ltd. had overdue debt of 237.2053 million yuan. The creditor for both is Shanghai Pudong Development Bank Changchun Branch, with maturity dates both on September 17, 2026. The announcement shows that, in accordance with the relevant provisions on pre-reorganization work of the Changchun Intermediate People's Court, during the pre-reorganization period the company and some of its subsidiaries undergoing pre-reorganization are not allowed to repay external debts except for necessary expenditures. As of the announcement date, the cumulative overdue principal and interest of the company and its subsidiaries reached 6.959279 billion yuan, accounting for 1,124.30% of the latest audited net assets attributable to the parent. The company stated that the overdue debts may lead to additional expenses such as penalty fees and penalty interest, and may face risks including litigation, arbitration, performance of joint guarantee liability, and asset freezing. It is currently communicating with creditors and plans to resolve the debt crisis through loan extensions and adjustments to interest payment methods, and will strengthen cost control and collection of accounts receivable.
Jilin Yatai Group Co Ltd