Date: 2013-07-31

LBGC's Second Restructuring--A Gossip? A Fact?

On April 4, came out the news that LBGC(Luoyang Bearing Group Co.,Ltd) were going to practise another restructuring program with SINOMACH(China National Machinery Industry Corporation). But recently, Mr. Chen xuefeng, chairman of YCEG, denied the restructuring plan of LBGC.

Mr. Chen xuefeng said:"It is absolutely nonsense, both restructuring and so-called foreign investments are all gossips. If others again acquired LBGC, how about my hundrads of millions of investment in it?"

So far, LBGC have not responsed to the matter directly.

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