H share Northeast Electrical Transmission & Transformation Machinery Manufacturing has changed its management team and accounting firm in a bid to attract investors to keep it from going bankrupt.
The Shenyang municipal government, which controls the power generation equipment maker, terminated the contract of chairman and director Xiang Yongchun at a board meeting on Monday, according to a company statement.
Northeast Electrical Transmission's board of directors appointed Liu Jie as 'provisional convener of the board' until a new chairman could be elected.
Six other executives - three directors, the general manager, the deputy general manager and the chief engineer - resigned.
The company has also appointed Yuehua Certified Public Accountants as its domestic auditor after its former auditor, Hualun Certified Public Accountants, failed to pass an annual exam.
Last month, creditors petitioned a Hong Kong court to liquidate the Shenyang-based state-owned enterprise after it failed to repay by December 6 a US$43 million loan for a hotel project.
