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Chaori Solar Bankruptcy Case Accepted by Shanghai Court in First

China’s financial hub marked a milestone in corporate bankruptcy today when a court accepted a restructuring application for Shanghai Chaori Solar Energy Science & Technology Co.

The solar panel maker, which in March became the first company to default in China’s onshore bond market, is now also the first publicly listed private company to face bankruptcy and restructuring proceedings in Shanghai, according to a court statement. Shanghai No. 1 Intermediate People’s Court accepted the application from Chaori’s supplier, Shanghai Yihua Metal Materials Ltd., because the solar maker can’t repay overdue debt, the statement posted on the court’s website said.