Standard Chem. & Pharm. Corp.: Announcement of Improvement Plan Execution for Subsidiary Jiangsu Standard Biotech & Pharma Co., Ltd. Exceeding Loan Limits
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Standard Chem. & Pharm. Corp.'s subsidiary, Jiangsu Standard Biotech & Pharma Co., Ltd., announced an improvement plan regarding its loan to affiliated company Jiangsu Deya Biotech & Pharma Co., Ltd. exceeding limits due to a decrease in net worth. Jiangsu Deya, unable to repay its debts, prompted Jiangsu Standard to file for bankruptcy liquidation, which has been accepted by the court. Standard Chem. & Pharm. Corp. states there's no significant financial impact.