China-based Harbin Gloria Pharmaceuticals Co., Ltd (SHE: 002437) has disclosed that its controlling shareholder, Harbin Gloria Group Co., Ltd, has entered “bankruptcy liquidation” status. Previously, the group had been undergoing a “reorganization” process. The bankruptcy is expected to result in a change of control at Gloria Pharmaceuticals; however, the company has stated that this will not impact its daily operations.
Bankruptcy Proceedings
Last week, the Heilongjiang Harbin Intermediate People’s Court issued a civil ruling that terminated the reorganization procedure at Gloria Group and declared the entity bankrupt. As of the announcement date, Gloria Group holds 706,248,522 shares of Gloria Pharmaceuticals, representing a 32.13% stake in the company.-Fineline Info & Tech
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