The company, which operates the Shouyang coalbed methane production sharing contract in Shanxi province, China, said in a securities filing that the bankruptcy court will appoint a trustee who will assume control of the company.
"The assets of the company will be liquidated in accordance with the (Chapter 7) code," the filing said.
"The company's board of directors, after spending considerable time and effort attempting to sell or restructure the company and not being successful, concluded that no viable options remained for implementing a restructuring, or obtaining financing, and that the Chapter 7 case was the only alternative available."
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