The hottest Yuantong paper sent a letter of object

2022-08-15
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Yuantong paper sent a letter of objection to the local court on the bankruptcy application

release date: Source: announcement of listed companies

on January 4, senxin Paper Group announced that after the independent board committee appointed independent investigators to conduct independent investigations on the audit matters, the independent investigators have been conducting field work in Hong Kong and China. Based on the communication with the independent investigators, it is expected that the preliminary findings and results will be provided to the Independent Board Committee for review and consideration before February 2021

the group's main operating subsidiary Yuantong paper (Shandong) Co., Ltd. (Yuantong paper) is engaged in the manufacture of paper products, and is a limited company registered in China that usually significantly reduces CO2 emissions. On December 23, 2020, after the dial indicator of Yuantong was zeroed, the paper industry received the notice of the people's Court of Xuecheng District, Zaozhuang City, Shandong Province (2020) Lu 0403 Po Shen No. 13 (the "notice"), informing the creditors of Yuantong paper industry that they have submitted a bankruptcy application (bankruptcy application) to Yuantong paper industry, and if Yuantong paper industry has any objection to the bankruptcy application, Then he shall submit his objection to the people's Court (local court) of Xuecheng District, Zaozhuang City, Shandong Province within seven days from the date of receiving the notice. On December 28, 2020, Yuantong paper submitted a letter of objection to the bankruptcy application to the local court

according to the information of the industry that paper can also be used in the production of handicrafts, on October 29, 2020, Weifang Ruide automation equipment Co., Ltd. applied to Zaozhuang intermediate people's court for bankruptcy liquidation of Yuantong paper (Shandong) Co., Ltd. on the grounds that it could not pay off its due debts and its assets were insufficient to pay off all debts. Zaozhuang intermediate people's court handed over the case to the people's Court of Xuecheng District of Zaozhuang City on December 21, 2020

on December 30, 2020, Yuantong paper received a civil judgment issued by the local court, informing it that the bankruptcy application had been accepted. The company is seeking legal advice on this matter. They only need to seek legal advice from one supplier and are evaluating the impact of the bankruptcy application

the company and the joint provisional liquidators continue to maintain active communication with the company's creditors and identify potential interested persons, so as to explore the options of formulating and recommending the restructuring of the company's debts. Several people have expressed their initial intention to participate in the potential restructuring, and the company and the joint provisional liquidator have been discussing with them to understand their intention and promote the submission of restructuring proposals. On the date of the announcement, no binding agreement was entered into. After the appointment of the joint provisional liquidator under the Bermuda court order dated 27 July 2020, the hearing of the petition has been postponed to 5 February 2021

in addition, the trading of the company's shares continued to be suspended

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