CDC Corp. Class A Common (CDCAQ)

[jaxstraw]

Some case history...

http://news.businessweek.com/article.asp?documentKey=1376-LY2FHA1A74E901-3O95BRN0H4CN790PK8S44NVRG9
Jan 20, 2012

U.S. Trustee Appeals Denial of Trustee for CDC Corp.

Even though CDC Corp. turned virtually all corporate authority over to a chief restructuring officer, the U.S. Trustee in Atlanta wasn't satisfied.

This week, the bankruptcy watchdog for the Justice Department filed an appeal from the order of the bankruptcy court authorizing the chief restructuring officer's appointment in lieu of a Chapter 11 trustee.

CDC, a China-based enterprise software developer also known as Chinadotcom, was confronted in December with motions by a creditor and the U.S. Trustee for appointment of a Chapter 11 trustee. To fend off the effort, CDC agreed with everyone aside from the U.S. Trustee in late December on the selection of a chief restructuring officer to exercise almost all the powers that would vest in a Chapter 11 trustee, along with those that otherwise would remain with the board and corporate officers.

The judge also ruled that CDC's exclusive right to file a Chapter 11 plan will end on Jan. 31, at the latest.

The U.S. Trustee nonetheless filed an appeal, contending it was improper on the facts not to impose a Chapter 11 trustee.

The petition listed assets at $377.4 million and debt of $250.2 million. For the first half of 2011, revenue of $158.9 million resulted in a $17.8 million operating loss and a $23.9 million net loss.

The case is In re CDC Corp., 11-79079, U.S. Bankruptcy Court, Northern District of Georgia (Atlanta)