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EVERGRANDE Liquidator Seeks to Put Key Asset-holding Subsidiary into Liquidation
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The High Court of Hong Kong will hold today (20th) the first hearing in the liquidation of CEG Holdings, a subsidiary of EVERGRANDE (03333.HK) that holds key assets, which EVERGRANDE's liquidator are seeking to wind up. CEG Holdings holds about half stake in EVERG SERVICES (06666.HK). The assets of EVERG SERVICES featured prominently in the restructuring plan that EVERGRANDE negotiated with its creditors last year. This hearing will lock up the assets of the offshore subsidiary, and it will be a major victory for the liquidator if the liquidation of CEG Holdings can be completed. Previously, EVERGRANDE had made an announcement that the court appointed the liquidator of the company as the provisional liquidator of CEG Holdings, which would allow the liquidator to preserve the company's assets for realization for the benefit of the company's creditors and other stakeholders. AAStocks Financial News |
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