Chinese shoemaker Ultrasonic to file for insolvency

FRANKFURT, March 10 Tue Mar 10, 2015 2:16pm EDT

FRANKFURT, March 10 (Reuters) - Germany-listed Chinese shoemaker Ultrasonic AG said on Tuesday that negotiations with its lending banks have failed and that in consequence, the management board was forced to file for insolvency.

Frankfurt-listed Ultrasonic said in September its top executives and most of its cash reserves in China and Hong Kong had disappeared.

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