Dec 16, 2018Business & FinanceComments Off on Debt-ridden panel maker suddenly halts production
Taipei, Dec. 16 (CNA) Chunghwa Picture Tubes (CPT) Ltd., an LCD panel maker, abruptly declared a suspension of operations at its factories in Longtan and Yangmei districts in Taoyuan Saturday, according to media reports..
Lin Sheng-chang (???), president of the listed company, confirmed with the Chinese-language Apply Daily that the production lines had been halted.
The decision came following a CPT statement Dec. 13, in which the company said it planned to apply to the Taoyuan District Court for a debt restructuring to allow it to remain in business because it has faced an imminent default on its repayments.
The CPT employs 4,450 workers in total in Taiwan, 1,830 of whom are assembly line workers.