Qinghai Salt Lake Potash is trying to bounce back from bankruptcy
The Chinese state-owned company Qinghai Salt Lake Potash, a large potassium chloride producer, was unable to sell its assets in the fifth round of auctions, which was held to raise funds and prevent being delisted from the Shenzhen Stock Exchange.
In September last year, due to large debts, Qinghai Salt Lake Potash filed for bankruptcy and in November stopped trading in its shares.
To settle with creditors, the company listed equity, receivables, fixed assets and other property for sale on Taobao e-commerce platform. The assets were valued at a total of $ 3.64 billion, but there were no buyers or even bidders for them. Sinochem Group, which used to invest, did not acquire anything either.
Qinghai Salt Lake Potash owns a 120-square-kilometer salt lake in Golmud, Qinghai province. The company uses the salts to manufacture potassium chloride.
Source: The Daily Star