ShengdaTech files for Chapter 11

ERJ staff report (DS)

Shanghai, China -- ShengdaTech, Inc. which makes calcium carbonate in China, announced today that it has filed a voluntary petition under Chapter 11 of the US Bankruptcy Code with the US Bankruptcy Court for the District of Nevada. The Chapter 11 process will facilitate the Company's financial and operational restructuring, with the objective of restoring the Company to financial health.

The Company also announced that Michael Kang, a managing director at global professional services firm Alvarez & Marsal, has been appointed Chief Restructuring Officer to lead the Company's restructuring effort.

ShangdaTech's product, nano-precipitated calcium carbonate ("NPCC"), is used in the tyre and rubber industry.

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Press release from ShengdaTech