Tus Environmental faces bankruptcy applications amidst financial strain

Tus Environmental Science and Technology Development (SZSE:000826) has received bankruptcy liquidation applications from Blue Deep Group's Beijing sales branch and Jiangsu Huaxing Oriental Electric Power Environmental Protection Technology, according to a recent company announcement. These applications were submitted to the Yichang Intermediate People's Court due to Tus Environmental's failure to fulfill payment obligations outlined in previously mediated civil judgments totaling approximately 14.4 million yuan and 63.75 million yuan, respectively. The company acknowledged uncertainty regarding court acceptance of the applications and potential impacts on its operations. As of September 30, 2024, Tus Environmental reported total assets of 22.57 billion yuan and a net asset value attributable to shareholders of 4.40 billion yuan. For the first nine months of 2024, it recorded revenues of 3.69 billion yuan and a net loss attributable to shareholders of 1.11 billion yuan. The company is actively communicating with creditors and the court to resolve the matter.