$65.4M Ruling In IPO Suit Sends CDC Corp. To Ch. 11

Law360, New York (October 5, 2011, 10:49 PM EDT) -- Enterprise software company CDC Corp. filed for bankruptcy in Georgia on Tuesday to "protect" its creditors and shareholders from a New York state court ruling ordering it to pay almost $65.4 million to its largest unsecured creditor in a dispute over CDC's failed IPO.

In a U.S. Securities and Exchange Commission filing Tuesday, China-based CDC Corp. said it was filing for Chapter 11 in response to a judgment in its ongoing battle with Evolution Capital Management LLC over $41.2 million in convertible notes it had bought...
To view the full article, register now.