A judge fended off Sinocan Holdings' creditors yesterday to give the can-maker time to find a rescuer. Listed Sinocan has four weeks to find an investor to salvage it after Mrs Justice Doreen Le Pichon said: 'Everybody knows it's a difficult time to restructure, but it's not impossible.' HSBC filed a petition to wind up the company in March. The Court of First Instance heard yesterday that the company had problems acquiring working capital. Two approaches for financing were made last year to American companies and one based in Shanghai, but to no avail. The latest approach has been to a Taiwanese company in the same line of business. A meeting was held last Thursday, where the Taiwanese company expressed an interest in injecting capital into Sinocan, the court heard. Sinocan's biggest asset is production machinery in the mainland. Most of the machinery has already been charged to a bank, and very little would be left for creditors. In Hong Kong, the company has an office and a small godown which has been charged to the petitioner already. The judge gave Sinocan a four-week adjournment as 'a last chance for the company to come up with something concrete'.
