Date: 2013-07-31

China Huarong Acquires Guangxi Bearing

State-owned Guangxi Bearing Factory (China) has been acquired by a state-run financial bailout institution, China Huarong Asset Management Corporation (CHAMC, China). The equivalent of a state-sponsored bankruptcy bailout, the move pulls Guangxi Bearing out of deep financial trouble by taking over and paying off its creditors.

CHAMC was set up in 1999 to acquire the most deeply troubled and debt-ridden businesses, keeping them operating and staving off unemployment. The CHAMC also serves to support China

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