China Environmental Technology Reaches Settlement Over Convertible Bond Dispute

MT Newswires Live

09/07

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.

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