Metals firm declared bankrupt

A court in southern China has formally declared bankrupt Guangxi Nonferrous Metals Group Co Ltd, an unlisted State-run metals producer that defaulted on a bond in February and missed a payment in April. The firm, which is owned by the Guangxi regional government, had failed to propose a court-ordered reorganization plan within a six month window, the intermediate court in Guangxi’s capital Nanning ruled on Sept 12, according to a statement posted online on Monday. As such, the restructuring period was brought to a close and the company was declared bankrupt, it said.