A bankruptcy petition against IDT International (HKG:0167) unit IDT Electronic Technology (Shenzhen) was accepted by Guangdong Shenzhen Intermediate People's Court on Sept. 25, a Friday bourse filing stated.
The electronics manufacturer stated the petition was based on a claim for outstanding salaries for the period from May 2 to Sept. 8.
The court has appointed Guangdong Penghao Law Firm as the unit's bankruptcy administrator, following which IDT International is no longer deemed to have control over the unit. The company is currently seeking legal advice on the way forward.
IDT Electronic Technology (Shenzhen) engages mainly in the manufacture of consumer electronic products and plastic parts, as well as the provision of surface mount technology assembly services, with no operation since March 2022.
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