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BEIJING, Feb 17 (Reuters) – Chinese copper trader Maike Group has applied to a court for pre-restructuring, according to a statement it published on its WeChat official account on Friday.
The application was to design a reasonable debt settlement plan, ensure fair compensation of creditors, restore the company’s operation and profitability, and safeguard the interests of employees and all parties, it said.
The application was filed with Xi’an Intermediate People’s Court, He Jinbi, founder and chairman of Maike, told Reuters.
The Xi’an-based company, which says it imports more than 1 million tonnes of refined copper per year, was China’s top copper trader by import volumes.
“Operational financial difficulties struck Maike last September as a result of unprecedented uncertainty and market volatility amid the pandemic and geopolitical uncertainty,” it said in the statement.
The suspension of Maike’s copper trading has disrupted trade flows and led to higher costs for Chinese copper buyers.
(Reporting by Siyi Liu and Dominique Patton; editing by David Goodman and Jason Neely)
((Siyi.Liu@thomsonreuters.com;))
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