Shanghai Court Declares CEFC China Energy And Units Bankrupt

April 24, 2020, 11:25 AM

A local court in Shanghai has declared CEFC China Energy Co. and three of its subsidiaries bankrupt, officially ending a chapter for one of China’s most indebted and once acquisitive private companies.

The once prominent Chinese energy firm and its units CEFC Shanghai International, CEFC Hainan International and CEFC Finance, are unable to repay their debt, the Shanghai court said in a statement dated March 31 and released on the National Enterprise Bankruptcy Information Disclosure Platform Friday. The platform is run by China’s Supreme Court.

It added that the four companies have combined net liabilities of 130.75 billion yuan ($18.5 ...

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