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Logo of Phnom Penh Post newspaper Phnom Penh Post - Insolvent garment firm to liquidate its ink stock

Insolvent garment firm to liquidate its ink stock

Local garment manufacturer Royal Crowntex International Inc (RCI) announced yesterday that it would hold a public auction for its unused fabric ink as the company looks to liquidate its assets after filing for bankruptcy in September.

The company said it would accept bids on the ink from December 27 to 31. RCI’s factory in Sihanoukville ceased production in June after its owner allegedly fled the country. In August, hundreds of workers claiming they had not been paid since May protested outside the company’s factory, urging local authorities to speed up the sale of assets to settle the alleged $2.4 million in salaries owed.

The auction announcement made no mention of factory machinery or other material assets.

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