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ag84006 : Tainted milk producer Sanlu declared bankruptcy

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  • Tainted milk producer Sanlu declared bankruptcy (2008-12-24)
  • Sanlu Group Co., the Chinese dairy company closed in September after it sold contaminated infant formula, has been declared bankrupt by a court in the city of Shijiazhuang, partner Fonterra Cooperative Group Ltd. said. A court-appointed receiver will take over management of the company and has six months to sell its assets and pay creditors, Auckland-based Fonterra said in a statement. Shijiazhuang is the capital of Hebei province in north east China where Sanlu is based. Six Chinese infants died and more than 54,000 were hospitalized after 22 companies including Sanlu sold formula made from milk contaminated with the industrial chemical melamine. Fonterra has a 43 percent stake in a processing venture with Sanlu and has written off the NZ$200 million ($113 million) investment.    Photo by Imaginechina
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