Dongjiang Environmental Fulfills Guarantee Obligation for Mianyang Subsidiary's Bank Loan

Stock News03-16 21:20

Dongjiang Environmental Company Limited has announced it will fulfill its guarantee responsibility for a loan obtained by its subsidiary, Mianyang Dongjiang Environmental Technology Co., Ltd., from Postal Savings Bank Of China Co., Ltd. The company will pay approximately RMB 21.34 million to cover the principal and interest of the loan.

The subsidiary has been unable to repay the loan due to intense competition within the hazardous waste industry. Since commencing operations, Mianyang Dongjiang has experienced lower-than-expected waste collection and transportation volumes, coupled with continuously declining disposal prices. These factors have resulted in operational cash flow difficulties, preventing the subsidiary from meeting its repayment obligations to the bank.

As a result of this payment, Dongjiang Environmental will record a receivable from Mianyang Dongjiang. The parent company plans to assist the subsidiary in enhancing its market collection efforts and reducing operational costs to improve its financial performance. Dongjiang Environmental will also urge the subsidiary to repay the receivable promptly.

Concurrently, the company has issued a formal demand letter to the counter-guarantor in accordance with the counter-guarantee agreement, requiring them to honor their obligations. Dongjiang Environmental reserves the right to pursue legal action or arbitration to protect the interests of the company and its shareholders.

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Dongjiang Environmental will also urge the subsidiary to repay the receivable promptly.\nConcurrently, the company has issued a formal demand letter to the counter-guarantor in accordance with the counter-guarantee agreement, requiring them to honor their obligations. 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