China Real Estate Developer Shimao Group announced that receiving the clearing of the China Construction Bank to the Hong Kong Higher Court's liquidation.Shimao Hong Kong stocks fell 10%after opening the market on Monday (April 8).
Shimao Group issued an announcement on the Hong Kong Stock Exchange on Monday that China Construction Bank (Asia) Co., Ltd. shall submit to the company's liquidation to the company on April 5, involving the company's financial obligationsAbout 1.595 billion Hong Kong dollars (about S $ 272 million).
According to the announcement, Shimao Group believes that the request does not represent the common interests of the company's overseas creditors and other related parties.In order to protect the interests of its relevant parties, the company will try to oppose the request and continue to promote the reorganization of overseas debt to maximize the value of its relevant parties.
Announcement shows that according to Article 182 of the Company Regulations of Chapter 32 of the Hong Kong Law, if Shimao Group finally liquidates due to the request, the company will directly owns by the company after the liquidation starts (April 5).Any property rights made by property (including the right of law), and any change in any shares transfer or the status of the company's members will be invalid.If it should be canceled, rejected, or permanently, any relevant property rights deal on April 5 or after will not be affected.
The announcement said that the announcement of Shimao Group on March 25 disclosed that the company has been discussing goodwill with its foreign creditors and promised to continue to actively communicate with overseas creditors on its overseas reorganization and encourage all overseas creditorsConsider the reorganization plan announced on March 25 and support the implementation of the reorganization.
Shimao Group disclosed the proposed overseas debt restructuring clauses in the March announcement, involving the debt of Shimao Group, Shimao Property Holdings (BVI) Limited (property company) and Shimao Investment Holding Co., Ltd.
Announcement stated that the restructuring plan provides creditors with four options: short -term tools, long -term tools, mandatory convertible bonds, and different tools.
Reuters quoted people familiar with the matter in March that after the discovery of Shimao Group's creditors, the clause of discovering Shimao's debt reorganization clause was unacceptable, considering the complaint of liquidation to Shimao to the Hong Kong court in that month of the month.Essence
