East Star Airlines Was Ruled to Go Bankrupt
East Star Airlines, the debt-laden private airline based in central China's Wuhan city, officially went bankrupt after its restructuring application was rejected Thursday.
The Intermediate People's Court in Wuhan City said the plan submitted by the East Star Group and ChinaEquity was unfeasible and failed to meet the conditions for a legal restructuring.
武汉中级人民法院称，由东星集团(East Star Group)和信中利(ChinaEquity)提交的重整方案没有可行性，未能达到法定重整的条件。
ChinaEquity, an investment company founded in 1999 in Beijing, had promised to invest 200 million to 300 million yuan ($29 million to 44 million) for the restructuring plan.
However, it did not specify the source of the funding and failed to provide certificates and documents, and lacked measures to protect creditors, the court said.
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