CDC party in interest China.com eyes case dismissal after share sale

By Caroline Salls

Pittsburgh, April 17 - CDC Corp. party in interest China.com, Inc. has asked the U.S. Bankruptcy Court for the Northern District of Georgia to dismiss CDC's Chapter 11 bankruptcy case, according to a Monday court filing.

Now that CDC has closed the sale of its CDC Software shares, China.com said the company can pay all of its pre-bankruptcy debts in full, "thereby eliminating its stated purpose for seeking bankruptcy protection."

"The debtor and its non-operational assets no longer need the protections that the bankruptcy process provides, and there is no longer any justification to continue to impose the burdens of the bankruptcy process upon the parties in this case," China.com said in the motion.

According to the motion, the only issues remaining in CDC's case are disputes among equityholders about alleged causes of action and the company's non-operational assets.

China.com said the bankruptcy court does not have subject matter jurisdiction over these disputes, which can only be resolved under Cayman Islands law and are subject to approval by a Cayman Islands court.

A hearing is scheduled for May 8.

CDC Corp. is a Hong Kong- and Atlanta-based enterprise software and new media company. It filed for bankruptcy on Oct. 4, 2011. Its Chapter 11 case number is 11-79079.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.