Sino oil & gas (00702) announced that all parties in the reorganization transaction have been working to achieve the prerequisites for the reorganization transaction...
According to the announcement released by China Oil & Gas Holdings (00702) on July 31, 2024, all parties involved in the restructuring transaction have been working to achieve the prerequisites for the reorganization transaction, including the condition of the Hong Kong court's approval of the creditors' plan.
According to the announcement released by the company on July 31, 2024, the company has submitted an appeal notice on the ruling rejecting the company's request for approval of the creditors' plan by the Hong Kong court. The appeal hearing date is set for September 13, 2024. At the same time, the company has been consulting with Crescent Spring and other investors (other parties in the restructuring transaction) and professional advisors to explore possible ways, including the possible modification of the terms of the restructuring transaction, to address the issues of concern to the Hong Kong court (including, among other things, that after the completion of the restructuring transaction, the company will still bear a heavy debt to such investors, and such investors will gain considerable benefits from the subscription). The company will issue another announcement on the appeal hearing at an appropriate time.