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HKG:0646

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Asia

China Environmental Technology Reaches Settlement Over Convertible Bond Dispute

China Environmental Technology (HKG:0646) has reached a settlement with Sure Fast in legal proceedings over its disputed convertible bonds, according to a Sept. 4 Hong Kong bourse filing.Under the settlement deed signed Sept. 4, the company will pay a final settlement, plus interest, in three installments through December 2027.Sure Fast has agreed not to pursue winding-up proceedings, other claims or enforcement of the court judgment against the company while payments are made, subject to specified events of default.The settlement relates to the company's $7 million convertible bonds due in 2021, after a Hong Kong High Court judgment in April declared the bond subscription agreement and related documents valid and enforceable.

HKG:0646
Asia

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

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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