JIAOZUO, China—Haoyou Tire is auctioning its tire products following court-ordered bankruptcy restructuring.
Jiaozuo-based Haoyou, also known as Good Friend Tyre, filed for bankruptcy on July 23, which was accepted by local Intermediate People's Court on July 26.
The company and 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 issued between March 30 and April 1.
The four companies are putting up their tires in two lots on Alibaba's auction website. Bidding begins April 28.
One of the lots contains 71,718 passenger car tires, under various labels and specifications, with a starting price of about $435,000. The other includes 6,138 truck and bus tires, and has a starting price around $391,000.