(Beijing) — A regional metals company has become China's first interbank bond issuer to go bankrupt, Caixin has learned — a 14.51 billion yuan ($2.2 billion) meltdown that deals a blow to creditors, employees and bond markets.

Nine months after state-owned Guangxi Nonferrous Metals Group filed for bankruptcy, a Nanning court on Sept. 12 granted the company's application to liquidate, according to a court document viewed by Caixin.