Regional Chinese Coal Giant Steps Closer to Bankruptcy Reorganization

Embattled coal giant Chongqing Energy Investment Group Co. Ltd. and 15 of its subsidiaries have filed a court petition for restructuring on Monday, a major step in the company’s march toward bankruptcy reorganization in the wake of debt difficulties that emerged early last year.

The company is now waiting for the court’s approval to bring in third-parties to help it negotiate with its creditors, according to an exchange filing (link in Chinese) by its listed entity, Chongqing Gas Group Corp. Ltd. (600917.SH).