Met­als firm de­clared bank­rupt

China Daily (USA) - - BUSINESS -

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.

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