After a struggle to repay its debts since last year, Guangxi Nonferrous Metals Group, the Chinese state-owned metal producer, has finally been declared bankrupt, becoming the countrys first interbank bond issuer to fail.
The company, owned by the Guangxi provincial government, failed to propose a reorganisation plan within six months after a court order, according to a statement released by the intermediate court in the provincial capital Nanning on Monday.
As such, the restructuring period was brought to a close and the company was declared bankrupt, it said.
The company did not respond to emails and calls from the Post on Tuesday.
According to an announcement issued in April, Guangxi Nonferrous Metals missed a payment on …
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