ShengdaTech's voluntary petition lists its address as the office of a local law firm and its county of residence/principal place of business as Washoe County, Nevada.
The company's petition also lists the following basic information:
$295.4 million in assets (as of Sept. 30, 2010)
$180.9 million in liabilities (as of Sept. 30, 2010)
Two persons/entities which directly or indirectly own, control or hold, with power to vote, 5% or more of its voting securities:
Goldman Sachs Asset Management (as manager for certain of its funds)
Xiangzhi Chen (listed as the company's Chief Executive Officer, President and Director on its website, but see below for an update on his status with the company) and his wife
200-999 estimated creditors
The petition also states that ShengdaTech's board of directors created a special committee in March of this year to "undertake an internal investigation of issues identified by KPMG arising out of its audit for the year ended December 31, 2010." Minutes and resolutions from a meeting of the special committee today (attached to the petition) report that, after receiving reports on the status of the investigation and obtaining advice from "various counsel," the special committee took the following steps:
-Removed from office each officer of ShengdaTech "effective immediately," specifically noting that Xiangzhi Chen has been removed as President and Chief Executive Officer
-Removed all officers and directors of wholly-owned subsidiary Faith Bloom Limited
-Added an officer position designated as the Chief Restructuring Officer
-Appointed Michael Kang as the Chief Restructuring Officer "with such powers and duties previously held by all officers of the Corporation, including, without limitation, the Chief Executive Officer, such other powers and duties set forth in the engagement letter by and between the Corporation and Alvarez & Marsal . . . and such additional powers and duties as authorized by the Board"
-Determined that "it is desirable and in the best interests of the Corporation" to file for chapter 11 protection and authorized the bankruptcy filing
-Retained the following professionals:
Greenberg Traurig, LLP as general bankruptcy counsel
Skadden, Arps, Slate, Meagher & Flom LLP as special counsel to the Special Committee of the Board
Jun He Law Offices to assist on China law matters
Conyers Dill and Pearman to assist on British Virgin Islands law matters
PriceWaterhouseCoopers to continue forensic accounting work necessary to the ongoing internal investigation
Alvarez & Marsal as noted above
On Saturday, ShengdaTech filed a declaration providing much more detail on the specifics of the investigation and an adversary complaint seeking a temporary restraining order against Chen and other defendants.
The company's largest unsecured creditors are listed as The Bank of New York Mellon, as indenture trustee for 6.5% notes due December 2015 ($130 million claim) and The Bank of New York, as indenture trustee for 6.0% notes due December 2018 ($36.3 million claim).
Bond debt claims in unknown amounts are also listed for Zazove Associates, LLC; CQS (UK) LLP; Radcliffe Capital Management; Citadel Group; CNA Partners; Lazard Asset Management LLC; Deutsche Bank Securities; Advent Capital Management, LLC; and CNH Partners.
Other large claims are listed for outstanding professional fees owing to several firms.
