China Huiyuan Juice has hearings for winding up petition, liquidators

Chicago, Oct. 24 – China Huiyuan Juice Group Ltd. will have a hearing for a winding up petition on Nov. 27 and a hearing for an application for the appointment of provisional liquidators for the company on Dec. 2, according to a notice.

The petition and the application were filed against the company by SDF III Holdings Ltd.

The main allegations made by the petitioner are that the company failed to pay the redemption amount of the company’s convertible bonds to the petitioner and that the company is deemed unable to pay its debts and that the value of the company is in jeopardy given the deadline for meeting the resumption condition imposed by the Stock Exchange of Hong Kong Ltd. which will expire on Jan. 31, 2020.

According to the notice, “it was alleged that the appointment of provisional liquidators would, among others, be beneficial to the company’s creditors.”

The company opposes both the winding up petition and the provisional liquidator application.

At the request of the company, trading in its shares and debt securities was halted on April 3, 2018 and subsequently suspended and will remain suspended until further notice.

China Huiyuan Juice is a Beijing-based producer of fruit and vegetable juice.

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