CDC Corp. (CHINA) Discloses Chapter 11 Bankruptcy Filing from Oct. 4th
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CDC Corp. (Nasdaq: CHINA) has just issued the following statement in a Form 6-K:
On October 4, 2011, CDC Corporation (the “Company”) filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for the Northern District of Georgia. The Company believes that the Chapter 11 process will facilitate restructuring, which is designed to restore the Company to long-term financial health.
The Company has undertaken the filing to protect all creditors and the interests of shareholders, in light of the September 8, 2011 judgment against the Company in the amount of $65.4 million in its ongoing litigation with Evolution CDC SPV Ltd., Evolution Master Fund Ltd., SPC, Segregated Portfolio M and E1 Fund Ltd.
The Chapter 11 filing relates to CDC Corporation only, and does not include its subsidiaries, which are expected to continue to operate in the ordinary course of business during the Company's Chapter 11 proceedings.
The Company’s principal legal advisor for the restructuring process and Chapter 11 proceedings is Lamberth, Cifelli, Stokes, Ellis & Nason, P.A.
On October 4, 2011, CDC Corporation (the “Company”) filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for the Northern District of Georgia. The Company believes that the Chapter 11 process will facilitate restructuring, which is designed to restore the Company to long-term financial health.
The Company has undertaken the filing to protect all creditors and the interests of shareholders, in light of the September 8, 2011 judgment against the Company in the amount of $65.4 million in its ongoing litigation with Evolution CDC SPV Ltd., Evolution Master Fund Ltd., SPC, Segregated Portfolio M and E1 Fund Ltd.
The Chapter 11 filing relates to CDC Corporation only, and does not include its subsidiaries, which are expected to continue to operate in the ordinary course of business during the Company's Chapter 11 proceedings.
The Company’s principal legal advisor for the restructuring process and Chapter 11 proceedings is Lamberth, Cifelli, Stokes, Ellis & Nason, P.A.
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