A creditor sought bankruptcy restructuring for Chaori Solar, the firm that caused ripples in world markets last month with China's first domestic bond default, and the company said on Friday that it had not yet agreed any deal to stay solvent, Reuters reported on Friday. Metals and materials company Shanghai Yihua applied to Shanghai's intermediate court to put the solar equipment company into bankruptcy restructuring, Chaori said in a filing to the Shenzhen stock exchange. "The creditor filed the application because of Chaori Solar's inability to pay the debts due and to stay solvent," Chaori said in the filing, adding that it was uncertain whether the court would accept the application. Chairman Ni Kailu of the company, the full name of which is Shanghai Chaori Solar Energy Science and Technology Co Ltd., has been in talks with several parties to seek funds to help it stay afloat. But it said in a separate announcement that the chairman's efforts have been fruitless so far.
