Taizinai, a Chinese maker of dairy products maker, is unable to pay its debts and will be liquidated, sources familiar with the matter said Wednesday. The company’s lenders include Royal Bank of Scotland and Citibank, with Goldman Sachs and Morgan Stanley among its investors.The Chinese dairy industry was swept by a scandal over tainted milk and infant formula in 2008 that dented dairy makers’ reputations and led to greater government scrutiny of the industry.
Taizinai’s financing from R.B.S. and Citibank came from a bank syndicate, which also included the Singapore bank DBS and two local banks, sources said. Full Story
Related:
Taizinai goes bankrupt - Alibaba.com
