Brief: CAA Resources Says CEO Receives Writ Of Summons

Grace Life-tech Holdings

20/01/2020 13:27

Jan 20 (Reuters) - CAA Resources Ltd  2112.HK :
    * INFORMED BY CO'S CEO THAT HE RECEIVED A WRIT OF SUMMONS
TAKEN
OUT BY OVERSEA-CHINESE BANKING CORP LTD
    * HIGH COURT ACTION WAS RELATED TO A LOAN ADVANCED BY OCBC
TO UNIT
CHINA BRIGHT INDUSTRIES LIMITED
    * GROUP ALSO BREACHED REPAYMENT OBLIGATIONS UNDER OCBC LOAN;
BREACH WILL TRIGGER CROSS- DEFAULTS OF OTHER BORROWINGS AND
LOANS OF GROUP
    * NONE OF MEMBER ENTITY OF GROUP WAS NAMED AS A DEFENDANT IN
HIGH
COURT ACTION
    * BREACH WILL CAUSE MATERIAL ADVERSE EFFECT ON OPERATION OF
GROUP
    * CEO AND THE BOARD OF CO CURRENTLY SEEKING LEGAL ADVICE ON
HIGH
COURT ACTION

Source text: https://bit.ly/2sFnYZK
Further company coverage:  2112.HK 

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