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China Environmental Tech Lender Agrees to Hold-off Winding Up Petition

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China Environmental Technology (HKG:0646) said Sure Fast appeared amenable to temporarily foregoing a winding-up petition against the company while both parties negotiate a settlement, according to a Sunday filing with the Hong Kong bourse.

Sure Fast previously served the company with a statutory demand seeking $14 million in connection with an earlier debt offering and threatened to file a winding-up petition if payment was not made within 21 days.

The firm said it began settlement discussions with Sure Fast on the condition that the lender refrain from taking any action related to the statutory demand and give the company time to negotiate.

China Environmental said Sure Fast was willing to hold off on filing a winding-up petition for 30 days after the company files a consent summons to withdraw its appeal related to the debt offering.

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