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Reuters: Chinese Businessman Guo Wengui Says He Will Drop Personal Bankruptcy Case

May 12, 2022

Guo Wengui, an exiled Chinese businessman, filed to drop his personal bankruptcy case because he cannot financially cover the legal costs. Guo filed for bankruptcy in February following a New York court ruling that ordered him to pay the Pacific Alliance Asia Opportunity Fund (PAX) US$254 million. PAX loaned US$100 million to two of Guo’s companies to finance a construction project in Beijing and subsequently sued Guo after he failed to pay off the loan. US Bankruptcy Judge Julie Manning will consider Guo’s proposal on May 25. PAX is represented by Peter Friedman and Stuart Sarnoff of O’Melveny & Myers LLP.

Reuters subscribers can read the full article here.