CDC U.S. Trustee, Evolution ask court to appoint Chapter 11 trustee

By Caroline Salls

Pittsburgh, Dec. 12 - The U.S. Trustee in CDC Corp.'s bankruptcy case asked the U.S. Bankruptcy Court for the Northern District of Georgia to appoint a Chapter 11 trustee to oversee the case, according to a 6-K filed by CDC subsidiary CDC Software Corp.

Evolution CDC SPV Ltd., Evolution Master Fund Ltd., Segregated Portfolio M and E1 Fund Ltd. are also seeking appointment of a Chapter 11 trustee for CDC's case.

According to the 6-K, a Chapter 11 trustee could assume full control and authority over the company's business, operations and conduct, including the ability to vote CDC's controlling interest in the subsidiary.

A hearing is scheduled for Dec. 19.

In addition, CDC Software said the Nasdaq Stock Market LLC was scheduled to convert the trading halt for the American Depositary Shares related to its class A ordinary shares to a suspension effective Dec. 12, according to court documents.

As a result, the company said the ADSs would become eligible for trading in the over-the-counter market on Dec. 12 and quotes would be eligible to be displayed on the OTC Pink Market under the current trading symbol CDCS.

CDC Software said it requested a hearing before the Nasdaq Listing Qualifications Panel to seek termination of the trading suspension and reinstatement of the trading in its ADSs on Nasdaq, according to the filing.

As previously reported, the company received notice from Nasdaq in November indicating that the listings staff had determined that the ADSs should be delisted based on public interest concerns and given that CDC Software had not filed its annual report for the year ended Dec. 31, 2010 by the June 30 deadline.

CDC Corp., a Hong Kong- and Atlanta-based enterprise software and new media company, filed for bankruptcy on Oct. 4. Its Chapter 11 case number is 11-79079.

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