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Guangxi metals firm bankrupt
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STATE-OWNED Guangxi Non-ferrous Metals Group Co in south China’s Guangxi Zhuang Autonomous Region has been declared bankrupt, despite a nine-month restructuring push.
According to an announcement published by the intermediate people’s court of Nanning City on September 12, the company had neither submitted a restructuring plan within six months of the court’s initial ruling, nor had it applied for an extension.
The court decided to end the restructuring procedure and declared the firm bankrupt.
The group was founded in 2008 with a registered capital of 2.1 billion yuan (US$315 million). It had 18,000 employees on its books.
The company filed for bankruptcy with the court in December.
Sources with the court revealed in March that the company had more than 14 billion yuan in liabilities.
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