CHINA: Zhengzhou Baiwen Facing Court Cases
Chinese retailer Zhengzhou Baiwen is to face four legal cases involving complaints from suppliers totalling 3.71m ($448,804) yuan, according to the Dow Jones International News. Shares in the company rose at he beginning of January as it announced details of a planned bail out from state owned Shandong Sanlian, which will see Shandong Sanlian taking on a controlling stake of the struggling retailer for 300m ($36.3m)yuan and assuming its 1.5bn yuan debts. However, following news last week that the rescue plan may be about to fail, the company has seen its shares drop by the 5 per cent limit for the past three consecutive days.
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