Textile And Chemical Fiber Industry Overall Downturn, Petrochemical Enterprises Apply For Judicial Bankruptcy

It is understood that due to overheated investment in domestic PTA industry,

The serious overcapacity of production capacity and the general decline in industry efficiency, especially the decline in international oil prices, caused major fluctuations in prices of major raw materials such as PX, while PTA prices continued to decline, resulting in industrial losses.

At the same time, due to the obsolescence of some equipment, the Far East petrochemical industry is in a weak position in the industry competition, coupled with a high debt ratio and large financial cost, resulting in a serious shortage of cash flow, and the normal production and operation activities are hard to maintain. In March 23rd, it was forced to stop production.

After the company ceased production, the Keqiao District Committee and district government attached great importance and concern to the municipal Party committee and the municipal government, and did a good job in helping the enterprises to solve difficulties. They assigned the working group to assist enterprises in carrying out asset management, financial audit and staff remission, and communicated with the upstream and downstream enterprises through various channels.

However, as the PTA industry is still grim, the price difference between products and raw materials is far below the cost of production. If production is started at present, it will still face bigger losses, unable to borrow money and pay interest, and fail to reach a consistent hosting plan with the relevant enterprises.

Current textile

The overall downturn in the industry, PTA products prices continued to decline.

Under the current circumstances, Far East Petrochemical has been unable to maintain normal production and operation.

In order to protect the interests of all creditors to the maximum extent, enterprises have applied for bankruptcy liquidation.

After entering bankruptcy proceedings, it will continue to link up with interested enterprises through various channels, try to recruit investors, and promote the disposal of enterprise assets as soon as possible.

In recent years, under the influence of domestic and international situation, Keqiao's economy is experiencing a deep positive adjustment, showing a new economic normal characteristic of "growth at medium to low speed, quality and middle class".

At present, the region is vigorously implementing the strategy of "service industry revitalizing the region" and "industrial strong area", and is committed to creating "fashionable Keqiao", "impression Keqiao" and "happy Keqiao", especially in the region.

Agglomeration and creative industries are the leading industries.

Industrial pformation and upgrading have shown a good momentum, and the regional economy has been developing steadily in accelerating pformation and upgrading.

According to statistics, in the 1-6 month of this year, the region's economy as a whole has maintained a steady development trend, achieving a GDP growth of 55 billion 943 million yuan, an increase of 7.1% over the same period last year, and achieved an industrial investment of 16 billion 153 million yuan, an increase of 11.1% over the same period last year. The total industrial output value reached 185 billion 859 million yuan, an increase of 4.7% over the same period last year, achieving the total fiscal revenue of 9 billion 557 million yuan in the region, an increase of 6.8% over the previous year.