Judge Axes China Natural Gas' Ch. 11 Exclusivity Extension

Law360, New York (May 1, 2014, 3:28 PM EDT) -- A New York bankruptcy judge on Wednesday rejected a bid from China Natural Gas Inc. to retain control of its bankruptcy, saying he did not see enough progress in the case as the company searches for a potential buyer or investor.

The natural gas pipeline operator tried to reached an agreement with Abax Lotus Ltd., which says it is CHNG's largest creditor, on extending the time during which it would have the right to submit a plan without the threat of rival plans being submitted, but...
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