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On August 18, its creditor Xiamen Torch Group Co., Ltd. filed a lawsuit to the intermediate court in the city of Xiamen, Fujian Province, claiming for the recapitalization of Amoi Electronics because it is unable to pay its due debts and its assets cannot clear off the debts or lack solvency.
The court required Amoi Electronics on September 15 to comply with the above ruling and designated certain managers to the restructuring. The managers warn that Amoi Electronics is facing the risk of delisting during the restructuring.
Amoi Electronics is engaged in the research, production, and sales of communications products. Last year, its mobile phone sales made up 84% of its total revenues.
Source: www.163.com (September 21, 2009)
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