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Cereal Way's Beijing Factory Sealed By Court
January 2, 2008 |
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| Category: Law & Order
Beijing No. 1 Secondary People's Court has sealed the factory of Cereal Way in Fangshan District because the company owed up to RMB10 million to its suppliers and more than RMB40 million to banks.
The Fangshan facility was one of the first non-fried instant noodles production bases of Cereal Way and the eight production lines constructed in the first phase of the facility reportedly involved a total investment of RMB160 million.
Chinese media reported in late 2007 that Cereal Way grew too fast and this caused a shortage of funds. The reports said that Cereal Way owed money to many suppliers and dealers and deferred payment of salaries for its own employees.
Other reports said that Cereal Way had moved its headquarters to Hebei Province and only left about 20 people to reside in Beijing. So far, there has been no comment from Cereal Way on the sealing of its Beijing factory.
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