Jiaozuo, Henan – Haoyou Tire, which was until recently among ERJ’s top 75 global tire makers, is auctioning its tire products following court ordered bankruptcy restructuring.
Jiaozuo, Henan-based Haoyou, also known as Good Friend Tyre, filed for bankruptcy on 23 July, 2019, which was accepted by local Intermediate People’s Court on 26 July.
The company, along with three smaller, financially stressed tire makers in Jiaozuo all controlled by Haoyou chairman Wang Liqi, are ordered to proceed with joint bankruptcy restructuring in a series of court rulings dated from 30 March to 1 April, 2020.
The four companies are putting up their tires in two lots on Alibaba’s auction website. Bidding will start on 28 April.
One of the lots contains 71,718 passenger car tires, under various labels and specifications, with a starting price at €402.000 (3.1 million yuan). The other includes 6,138 truck and bus tires with a starting price at €361,000.
Haoyou Tire ranked 75 in ERJ’s Global Ranking of Tire Producers 2017 with annual sales of $126.5 million. Prior to that, the tire maker held the slightly higher positions of 71 and 73 in the 2016 and 2015 rankings respectively.