China Milk Products : Appointment Of Joint Provisional Liquidators By The Grand Court Of The Cayman Islands And Resignation Of Independent Directors
08/31/2011| 08:28am US/Eastern
China Milk Products Group Limited (In Provisional Liquidation) (“Company”)
(Incorporated in Cayman Islands)
Order by the Grand Court of the Cayman Islands for the Appointment of Joint
Provisional Liquidators of the Company
Resignation of Independent Directors
The Company announces that an Order was made by the Grand Court of the Cayman Islands on 22 July 2011 (“Order”) appointing Cosimo Borrelli of Borrelli Walsh Limited, Jason Kardachi of Borrelli Walsh Pte Limited and Kenneth M. Krys of Krys Global as the Joint Provisional Liquidators of the Company (“Provisional Liquidators”). Upon the making of the Order, the powers of the directors of the Company ceased.
The powers of the Provisional Liquidators include, amongst other things, to enter into discussions and negotiations for and on behalf of the Company, for the purpose of, but not limited to, the restructuring of the Company’s business and operations and restructuring or rescheduling the Company’s indebtedness.
An immediate focus of the Provisional Liquidators is to understand the financial position of the Company and its subsidiaries and work with the directors of the Company to gather sufficient information to determine whether there is merit in facilitating a restructuring of the Company or whether, alternatively that the Company should be wound up.
The Company also announces that the Company’s two independent directors have resigned. Mr Loo Choon Chiaw and Mr Lai Seng Kwoon resigned on 10 August 2011.
Appropriate announcements will be made as and when there are further developments.
Joint Provisional Liquidator
31 August 2011