China Metal: court accepts application of joint administrators for debt restructuring

By Marisa Wong

Los Angeles, Feb. 23 – China Metal Resources Utilization Ltd. issued an update on Friday regarding the bankruptcy reorganization applications of three of its subsidiaries, wholly owned subsidiary Mianyang Tongxin Copper Co., Ltd., Tongxin’s wholly owned subsidiary, Mianyang Jin Xunhuan Metal Materials Co., Ltd. and China Metal’s indirect wholly owned subsidiary Mianyang Baohe Taiyue Communications Cable Co. Ltd.

The company said that on Feb. 22 it received from Sichuan Dingtian Law Firm and Sichuan Chunlei Law Firm, the joint administrators for the debt restructuring of Tongxin and Jin Xunhuan (i) the civil ruling to the joint administrators dated Dec. 26 by the People’s Court of Youxian District of Mianyang City, Sichuan, China; and (ii) the court notice dated Feb. 21.

Under the court documents, the court accepted the application of joint administrators for substantive consolidated bankruptcy reorganization of Tongxin, Jin Xunhuan and Taiyue with the joint administrators to perform the duties and responsibilities of administrators for the debt restructurings.

Tongxin and Jin Xunhuan had filed voluntary applications for bankruptcy reorganization on June 6, 2022, and Taiyue had filed its application for bankruptcy reorganization on May 18, 2023.

Mianyang, China-based China Metal is a manufacturer of recycled copper products, communication cables and power transmission and distribution lines.

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