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TIMES CHINA Hit by Winding-up Petition From HANG SENG BANK, Involving Financial Obligations of HK$2B+
Recommend 5 Positive 8 Negative 10 |
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TIMES CHINA (01233.HK) announced that a winding-up petition against the company dated yesterday (15 April) was filed by HANG SENG BANK (00011.HK) at the High Court of the Hong Kong SAR, in connection with financial obligations of the company purported to be in the amount of US$173 million (about HK$1.35 billion) and HK$731 million respectively. The High Court has set the first hearing date for the petition on 3 July 2024. The company will seek legal measures to resolutely oppose the petition, and take all necessary actions to protect its legal rights. The company intends to continue to proactively communicate and work with its offshore creditors on the restructuring plan, with the objective of announcing terms to the market as soon as practicable. Meanwhile, the company will endeavour to keep active and good communication with the petitioner, and, adhering to the principle of fairness to other creditors, to negotiate with the petitioner on an amicable resolution as soon as possible. AAStocks Financial News |
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