Chun Tai given deadline on debt effort

Consumer-electronics maker Chun Tai Holdings has 10 days to satisfy a judge that restructuring steps are being taken to hold off two winding-up petitions against subsidiaries.

Mrs Justice Doreen Le Pichon gave Chun Tai Toys (China) and Chun Tai Industries until March 24 to report on the restructuring.

The Court of First Instance heard three options being considered, all with different ramifications for creditors.

With regard to Chun Tai Toys, 26 per cent of creditors were in favour of a scheme, but this number was achieved in a limited time scale.

'You have to give the court some indication of when you can realistically put forward a proposal,' Mrs Justice Le Pichon said. 'At the moment, you have too many options.' If she is satisfied with the progress report, the judge will allow a four-week adjournment.

If not, the case will be heard again on March 27.