Brief: CAA Resources Says Cosmo Field Holdings Received Writ Of Summons Taken Out By Industrial Bank

Grace Life-tech Holdings

18/05/2020 23:44

May 19 (Reuters) - CAA Resources Ltd  2112.HK :
    * INFORMED BY CEO AND COSMO FIELD HOLDINGS THAT THEY HAD
RECEIVED
A WRIT OF SUMMONS TAKEN OUT BY INDUSTRIAL BANK CO
    * INDUSTRIAL BANK CLAIMS REPAYMENT WITH RESPECT TO DEFAULT
OF LOAN
OF US$45.1 MILLION
    * BOARD SAYS DEFAULT WILL CAUSE MATERIAL ADVERSE EFFECT ON
OPERATION OF GROUP
    * DEFAULT WILL TRIGGER CROSS-DEFAULTS OF OTHER BORROWINGS
AND
LOANS OF GROUP
    * WRIT OF SUMMONS TAKEN OUT BY INDUSTRIAL BANK AGAINST COSMO
FIELD
& CEO

Source text for Eikon:  ID:nHKS1w5q1V 
Further company coverage:  2112.HK 

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