Wugudaochang files for bankruptcy protection

Beijing-based instant noodle maker Wugudaochang has sought bankruptcy protection to continue operations, according to a local court.

"The company is required to work out a debt restructuring plan soon, and creditors could declare their losses to the court within 40 days," an anonymous judge with Beijing Fangshan People's Court was quoted by the Beijing News as saying.

"The plan will have to be approved subsequently by the creditors. If it fails to get the required approval, the court may then declare the company bankrupt," the judge said.