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Youbisheng Green Paper to File for Insolvency

Hamburg, Germany 13 August 2014 -- Recycled containerboard producer Youbisheng Green Paper has announced its intention to file for insolvency. The company, which is headquartered in Germany but operating in China, explained that its CEO Haibo Huang, who had taken up the post only at the beginning of August, had resigned. "After the experiences of the past days he does not feel to be in a position to meet the requirements of the Supervisory Board in the present state", said Youbisheng Green Paper.

In addition, the actual financial and cash situation of the operative Chinese company remained unclear and the liquidity of the German holding company was insufficient, it added. Given the circumstances Youbisheng Green Paper sees itself forced to file for insolvency within the next days, the company said on 7 August.

Youbisheng Green Paper produces recycled linerboard at its plants in Nan'an City in the Chinese province of Fujian. The company, which has around 300 employees, mainly supplies the printing and packaging markets in the Fujian and Guangdong provinces. In 2012, it reportedly produced 150,000 t of linerboard.


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