Brief: China Ocean Industry Group ‍Updates On Status Of Seven Vessels​

China Ocean Industry

26/03/2018 23:28

March 27 (Reuters) - China Ocean Industry Group Ltd
 0651.HK :
    * ‍UPDATES ON STATUS OF SEVEN VESSELS​
    * ‍PARTIES HAVE COME TO PRELIMINARY CONSENSUS TO DISCONTINUE
WITH
RELEVANT SHIPBUILDING CONTRACTS FOR FOUR UNDELIVERED VESSELS​
    * ‍GROUP WILL BE REQUIRED TO PAY BACK ALL PAYMENT RECEIVED
AS WELL
AS INTERESTS UNDER CONTRACTS​
    * UPON DISCONTINUATION, REVENUE UNDER SHIPBUILDING CONTRACTS
WOULD
BE REVERSED AND WOULD THEREFORE RESULT IN LOSS
    * GROUP IS REQUIRED TO RETURN ALL OF PAYMENTS RECEIVED SO
FAR FROM
CUSTOMER A, AMOUNTING TO AN AGGREGATE OF USD98.2 MILLION​

Source text for Eikon:  ID:nHKSVkvlZ 
Further company coverage:  0651.HK 

 ((Reuters.Briefs@thomsonreuters.com;))