East Star Airlines Co., Ltd. said Saturday that its current combined debt surpassed 752 million yuan (110.1 million U.S. dollars).
Zhao Changbing, spokesperson of the company, said the announcement was made to counter rumors about the status quo of the company's assets and debt
Zhao said total assets of the company stood at 1.01 billion yuan.
Established in 2005 in central Hubei Province, East Star Airlines operated more than 20 routes. Its operation was suspended by the industry regulator as of March 15 this year, due to financial difficulties of the carrier.
(Xinhua News Agency July 19, 2009)