IDT International Faces Subsidiary Bankruptcy, Plans Restructuring

IDT International Limited (HK:0167) has released an update.

IDT International Limited is addressing a bankruptcy petition involving its subsidiary, IDT Shenzhen, which has been deconsolidated from the company’s financial statements. The deconsolidation is expected to result in a gain of approximately HK$80 million, with no adverse impact on the group’s overall financials as operations have shifted to Oregon Energy. The company is considering winding up IDT Shenzhen due to its net liabilities and prolonged business suspension.

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