Debt Forgiveness! Chenming Paper's Over 1 Billion Yuan Debt Doesn't Have to Be Repaid
Recently, Chenming Paper has been releasing multiple announcements about debt forgiveness.
To help the company ease its operating pressure and support the stable and sustainable development of its pulp and paper main business, Chenming Paper's controlling shareholder, Chenming Holdings Co., Ltd., issued a 'Debt Waiver Letter,' deciding to waive its 207 million yuan claim against the company.
At the same time, Shouguang City Finance Bureau's wholly-owned state enterprise, Shouguang Zhichen Asset Operation Co., Ltd., issued 'Debt Waiver Letters' to Chenming Paper's subsidiaries, Shouguang Meilun Paper Co., Ltd. and Shandong Chenming Paper Products Co., Ltd., waiving debts of 487 million yuan and 350 million yuan, respectively. This matter has been approved by the Shouguang City Finance Bureau.
These debt waivers are unilateral, unconditional, without consideration, irrevocable, and unchangeable. Once completed, they will effectively reduce Chenming Paper's debt pressure, optimize its balance sheet, improve operating cash flow, help relieve short-term operational pressure, ensure smooth production and operations, and further enhance its risk resistance and market competitiveness.