Brief: Qingling Motors Updates On Litigation

Qingling Motors

08/06/2018 11:46

June 8 (Reuters) - Qingling Motors Co Ltd  1122.HK :
    * REFERS TO DISPUTE ON FINANCIAL CREDIT AGREEMENT ENTERED
INTO
BETWEEN CO'S CUSTOMER AND A BANK
    * CO RECEIVED JUDGMENT FROM COURT ON DISPUTE; CUSTOMER TO
PAY
PLAINTIFF PRINCIPAL AMOUNT OF ABOUT RMB80 MILLION AND INTEREST
OF LOANS
    * UNDER JUDGEMENT, CO TO ASSUME SUPPLEMENTARY COMPENSATION
LIABILITY FOR INDEBTEDNESS OF CUSTOMER AND GUARANTORS
    * AFTER REVIEWING DOCUMENTS AND CONTRACTS ON LITIGATION, CO
HAS
DECIDED TO APPEAL JUDGEMENT
    * BOARD EXPECTS THAT LITIGATION WILL HAVE NO SIGNIFICANT
EFFECTS
ON OVERALL FINANCIAL OR OPERATION CONDITIONS OF GROUP

Source text for Eikon:  ID:nHKS8gKQvq 
Further company coverage:  1122.HK 

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