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Mongolian Mining recovers from brink of bankruptcy

Mongolian Mining Corp. is no longer facing bankruptcy and has emerged from liquidation.

The Hong Kong Stock Exchange-listed company said June 9 that its case under Chapter 15 of the U.S. Bankruptcy Code concerning its debt restructuring has been closed.

Mongolian Mining filed for Chapter 15 protection with the U.S. Bankruptcy Court in March due to the downturn in the international coking coal market.

The company was placed in provisional liquidation in July 2016 while it tried to restructure US$600.0 million worth of debt.

Mongolian Mining said it is no longer subject to any bankruptcy proceedings in the U.S. and is no longer in provisional liquidation in the Cayman Islands.