The court has officially ruled to accept the reorganization application of Guohou Asset, and the company has entered formal bankruptcy reorganization proceedings.
The Wuhu Intermediate Court has accepted the reorganization application of Anhui Guohou Asset Management and appointed a provisional administrator, marking the company's entry into bankruptcy proceedings.
The Ministry of Finance issued 270 billion yuan in special treasury bonds to replenish the capital of the Big Four banks, and set up four major asset management companies to strip off 1.4 trillion yuan in non-performing assets.