Commodities
Two Sinochem Oil Refineries Declared Bankrupt as Margins Plunge
- Zhenghe, Huaxing creditors failed to agree on restructuring
- Slow Chinese economic recovery weighs on older processors
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Two oil refiners in China run by chemical conglomerate Sinochem Group Co. were declared bankrupt, highlighting the headwinds older units face as margins plummet.
The creditors of Zhenghe Group Co. and Shandong Huaxing Petrochemical Group Co., both based in the eastern province of Shandong, failed to agree on restructuring plans for the indebted plants and the businesses were declared bankrupt, according to separate statements from a local court.