Greek Education International Holdings (01765) opened nearly 15% higher. As of press release, it rose 14.80% to HK$0.225, with a turnover of HK$0.8258 million.
The Zhitong Finance App learned that Greek Education International Holdings (01765) opened nearly 15% higher. As of press release, it had risen 14.80% to HK$0.225, with a turnover of HK$0.8258 million.
According to the news, Greek Education International Holdings (01765) announced that after considering the company's current financial situation and feedback from identified creditors, the company has drawn up preliminary provisions for the proposed restructuring for further discussions with its creditors. According to the announcement, with regard to related bonds, it is expected that the outstanding debt will be paid as follows: an initial cash repayment of a significant portion of the outstanding amount will be funded by the company's fund-raising activities; and repayment liability, which is equivalent to the remaining debt being repaid later by selling certain of the company's assets and/or raising other financing resources.
According to reports, Greek Education International Holdings previously issued an announcement stating that the winding-up petition was heard in the High Court on June 24, and the substantive hearing was adjourned until a later date. After seeking legal advice, the company is objecting to the petition. The company's objections based on a bona fide substantive dispute include: according to the trust contract for the convertible bond, the petitioner is not eligible to file a petition; the attempted exercise of the redemption option failed to meet the execution steps and conditions stipulated in the convertible bond and was invalid.