Youbisheng Green Paper, a German company with operations in China, plans to file for insolvency. According to an announcement, the company’s financial situation and the recent resignation of CEO Haibo Huang led to this move.
"After the experiences of the past days he does not feel to be in a position to meet the requirements of the Supervisory Board in the present state", states Youbisheng Green Paper, as quoted by Euwid Pulp & Paper.
Youbisheng Green Paper produces recycled linerboard at a plant in the Chinese region of Fujian. It employs around 300 people, and supplies mainly the printing and packaging markets in the Fujian and Guangdong provinces.