China Natural Gas Drops Fight Against Bankruptcy Case

Law360, New York (July 9, 2013, 5:13 PM EDT) -- China Natural Gas Inc., which for months tried to escape the involuntary bankruptcy petition lobbed against it, on Tuesday officially became a debtor under the control of a New York bankruptcy court after it agreed to drop the fight.

The natural gas pipeline operator was shoved into Chapter 11 bankruptcy in February by one of its board members, Xiang Dong (Donald) Yang, and his hedge funds. CHNG submitted two motions to dismiss the petition to the court, but told U.S. Bankruptcy Judge James M. Peck at...
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