Drowning in debt, Chinese liquor maker pays off bank with 900 tons of baijiu

Source:Global Times Published: 2018/8/23 18:28:40

Under pressure to pay back a multi-million yuan bank loan, a Chinese liquor maker reportedly cleared their debt with truckloads of cold, hard baijiu.

It took two hours to transport the more than 900 tons of clear grain alcohol from the unnamed distillery to a bank in Qionglai, Southwest China's Sichuan Province.

Reporters said pumps worked starting midnight Wednesday to fill three waiting tank trucks with baijiu straight from the distillery's outdoor tanks.

The shipments were part of a court-ordered settlement to repay a 10 million yuan ($1.5 million) debt.

The baijiu makers had reportedly taken out an 8 million yuan loan from the bank in June 2015, only to default numerous times.

The bank filed a debt collection lawsuit against the distiller in 2016. Two years and 2 million yuan of added interest later, a local court ordered for the auctioning of four of the company's large distilling vats in May and June.

When no buyer emerged, the bank agreed to accept the one thing the factory did have - 9.94 million yuan worth of baijiu. The debt has been repaid, bank employees said.

Chengdu Economic Daily



Posted in: ODD NEWS,CHINA

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