China Metal subsidiaries’ enterprise bankruptcy application accepted

By Marisa Wong

Los Angeles, Jan. 3 – China Metal Resources Utilization Ltd. issued an update on the bankruptcy reorganization application of two of its subsidiaries.

On Jan. 3 the company received the court’s civil ruling dated Dec. 27, decision dated Dec. 28 and notice to the relevant subsidiaries dated Dec. 30. Under the court documents, the court accepted the application of the relevant subsidiaries for substantive consolidated bankruptcy reorganization in accordance with the Enterprise Bankruptcy Law of China.

The court also confirmed the designation of Sichuan Dingtian Law Firm and Sichuan Chunlei Law Firm, previously the joint provisional administrators, as the joint administrators for the debt restructuring.

In addition, the court has set the first creditors’ meeting for March 27.

The company said it will keep the shareholders and the public informed of any major developments in relation to the debt restructuring by issuing further announcements when appropriate.

As previously reported, China Metal’s wholly owned subsidiary, Mianyang Tongxin Copper Co., Ltd., and Tongxin’s wholly owned subsidiary, Mianyang Jin Xunhuan Metal Materials Co., Ltd. filed an application with the People’s Court of Youxian District of Mianyang City, Sichuan, China, on June 6, 2022. On Aug. 3 the subsidiaries received the court’s civil ruling dated July 29 accepting their application.

The Mianyang, China, company is a manufacturer of recycled copper products, communication cables and power transmission and distribution lines.

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