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.
Steel producers and metals smelters have been among the hardest hit of China’s industrial firms amid a slowing economy and extended real estate downturn, which bottome…
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