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ViewSonic Energy Development (00307.HK) Hong Kong liquidation petition is adjourned until April 29

February 11, 2019 20:00
source: Glonway

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February 11th丨ViewSonic Energy Development(00307.HK)announcementThe company resumed the ground construction project of Xiaohuangshan Coal Mine in November 2018. Subsequently, the hydropower and heating system of the Xiaohuangshan Coal Mine has also been restored and completed. The underground construction project is also expected to be relaunched in early March 2019.

Regarding the coking plant, since the production resumed on November 4, 2017, the coking plant has operated smoothly and maintained a stable production level. Review of the year not yet announced as of 2016, 2017 and March 31, 2018PerformanceThe work has been largely completed. The review of the unannounced annual results is expected to be completed in March 2019.

The company is preparing new ones with its financial and legal advisorsResumption of tradingThe proposal is expected to be submitted to the Stock Exchange within the next five to ten working days, which is the deadline set by the Stock Exchange of Hong Kong Limited.

On March 6, 2018,CreditThe Provider, the ICA, the company and the provisional liquidator on behalf of the company, has signed a credit facility agreement that is subject to the approval of the Supreme Court of Bermuda and the Hong Kong High Court. On January 14, 2019, the provisional liquidator signed a deed of amendment and an appendix to the financing agreement on behalf of the company. The provisional liquidator believes that the revised financing terms of the ICA deed will allow the company to ease the group'sCash flowThe challenge of moving, and comparing the original terms of the financing agreement, can promote the company with better terms.Reorganization.

On January 16, 2019, the Provisional Liquidator applied to the Bermuda Court for approval of the ICA Deed, and thereafter the Bermuda Court approved the ICA Deed on February 1, 2019.

On November 19, 2018 (Bermuda time), the Bermuda Court again adjourned the hearing of the Bermuda liquidation petition until February 1, 2019. The winding up petition was heard in the Bermuda Court on February 1, 2019. The hearing did not issue a winding-up order and the hearing was postponed again until May 3, 2019. The legal representative of the provisional liquidator is receiving the stamp of the order.

Through the joint application of the provisional liquidator and the Hong Kong liquidation petitioner, the extension hearing of the Hong Kong liquidation petition originally scheduled for December 17, 2018 has been suspended by the Hong Kong courts and further adjourned to April 29, 2019.

In addition, the trading of shares is suspended.

(Article source: Gloem)

                (Editor: DF506)

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