Dalian Shide Group Co, one of the country's biggest suppliers of building materials, while looking for its missing chairman Xu Ming, is facing a large amount of debts due for repayment soon, insiders told the Global Times Thursday.

Founded in 1992, the privately owned group is better known for its ownership of Dalian Shide Club, one of the successful football clubs in the country. But the group, based in Dalian, Northeast China's Liaoning Province, has a diversified business portfolio ranging from chemical engineering, home appliances and financial services to real estate.

According to a source close to the group, the giant has borrowed billions of yuan from various banks and the loans will mature in the coming years.

"The situation now is very complicated," the source, on condition of anonymity, told the Global Times Thursday. 

According to loan data obtained by the Global Times, Shide has taken a large amount of loans that are due for repayment soon, including a short-term loan worth of 420 million yuan ($66.6 million) due on May 28, about 800 million yuan lent by Dalian Bank due on September 15, and another loan of 1.27 billion yuan that will mature in the coming years.

Earlier this month, some media reports speculated that the group may face funding problems following its chairman's disappearance.

Shide confirmed on March 31 that the group's founder and chairman Xu Ming has been missing and the group can not get in touch with Xu.

According to a report by financial magazine Caixin, the group began bankruptcy proceedings through a domestic law firm, after Xu went missing.

The report said at least 38 banks, mostly smaller ones, have granted loans to the group and its subsidiaries, with exposures totaling over 7 billion yuan.

However, the company Monday refuted reports that it has started bankruptcy proceedings.

"A report by Caixin on April 14 claiming 'Shide Group has begun bankruptcy proceedings' is pure rumor," Shide said, noting that the Dalian city government has paid much attention to its situation since March 14.

"We have won understanding and support from our clients and society, including the banks. So far, production and operation remain as usual, and all businesses are running steadily," reads the company's statement.

Liu Rentie, deputy director of the company's office at Shide, earlier this month said everything was going on smoothly at the company, though he also very much wanted to know where chairman Xu is.

Calls to Liu went unanswered Thursday.

A staff from the publicity department of the Dalian Industrial and Commercial Administration told the Global Times Thursday that it has not heard anything about the group's bankruptcy.