Chinese court appoints law firm as Jiangsu Delong administrator

Nickel Industries

05/08/2024 08:29

BEIJING, Aug 5 (Reuters) - A Chinese court said it has
accepted bankruptcy reorganisation proceedings brought by a
creditor of Jiangsu Delong Nickel Industry, China's
third-largest stainless steel company, and appointed a Beijing
law firm as the firm's administrator.
    The People's Court of Xiangshui County said in a statement
on Friday it had appointed the Beijing office of King & Wood
Mallesons as administrator of Jiangsu Delong, which is not
listed.
    Last month, Xiangshui Guanjiang Xincheng Construction and
three other firms controlled by Xiangshui county, where Jiangsu
Delong is based, asked a court there to approve bankruptcy
reorganisation for Delong and three related firms.
    Creditors should file their claims against Jiangsu Delong
before Nov. 1, the court said in a separate statement.
    Jiangsu Delong was among a wave of Chinese firms that
invested billions of dollars between them in smelting plants in
Indonesia, but has been hard hit by a downturn in the industry.

 (Reporting by Siyi Liu and Mei Mei Chu;
Editing by Helen Popper
)
 ((Siyi.Liu@thomsonreuters.com;))