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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Chinese dairy in milk scandal faces $160M debt AP - 1 hour 31 minutes ago BEIJING - The dairy at the center of China's tainted milk scandal has about $160 million in debt, state media reported Thursday, a day after the company confirmed it was bankrupt. Xinhua News Agency said Sanlu Group Co. faces 1.1 billion yuan ($160 million) of net debt and that a branch of the Shijiazhuang City Commercial Bank was the creditor that applied to a court to have Sanlu declared bankrupt. The Intermediate People's Court of Shijiazhuang, a city in Hebei province where Sanlu is based, accepted the filing, Xinhua said. The report quoted Wang Jianguo, city spokesman, as saying that as of Oct. 31, the company's total assets were valued at 1.56 billion yuan ($227 million) while its total debts were 1.76 billion yuan ($256 million), the report said. Xinhua said Sanlu also owes a creditor 902 million yuan ($132 million) in funds it borrowed earlier this month to pay for the medical treatment of children sickened after drinking the company's infant formula, and for compensation of the babies' families. Calls to the spokesman's office of Shijiazhuang city government rang unanswered while a bank clerk who answered the phone at the Shijiazhuang City Commercial Bank said the bank's director was unavailable for comment. Sanlu's officials could not be reached. Sanlu, like a number of major Chinese dairies, had been exempt from government inspections because it was deemed to have superior quality controls _ until high levels of the industrial chemical melamine were found in its baby formula and other products in September. Several more dairies were also found to have doctored their goods in a scandal that was blamed for killing six babies and sickening 294,000 children. The dairy scandal highlighted the widespread practice of adding melamine, often used in manufacturing plastics, to watered-down milk to fool protein tests. Investigations also discovered it was being added to animal feed after finding melamine-spiked eggs. Melamine poses little danger in small amounts but larger doses can cause kidney stones and renal failure. Sanlu is 43 percent-owned by New Zealand daily cooperative Fonterra Group. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy CNOOC may slow or delay projects on oil slump-sourceReuters - 1 hour 1 minute ago Chinese stocks fall to seven-week lowAP - 1 hour 18 minutes ago Chinese dairy in milk scandal faces $160M debtAP - 1 hour 31 minutes ago China's Baosteel to raise prices for first time since August: reportAFP - Friday, December 26 Related Articles: Business China buys aluminium to support producers-sourcesReuters - 22 minutes ago JFE steps up output cuts as demand dropsReuters - 35 minutes ago CNOOC may slow or delay projects on oil slump-sourceReuters - 1 hour 1 minute ago Indonesia Bakrie says settles debt in Bumi dealReuters - 1 hour 4 minutes ago Chinese stocks fall to seven-week lowAP - 1 hour 18 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US sees no holiday cheer; Russia, China warn of grim 2009 French investor takes life after massive losses in Madoff scandal Housing market feels more pain, bottom not yet in sight Quake zone hero pig named China's animal of the year Actress Jennifer Aniston appears naked in GQ magazine View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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