Ocean Grand Hong Kong scheme of arrangement approved

By Caroline Salls

Pittsburgh, April 23 - Ocean Grand Holdings Ltd.'s Hong Kong scheme of arrangement was approved by the court on April 15, according to a notice from the company's provisional liquidators.

The scheme is based on a restructuring agreement to be funded by investor Gold Star Success Ltd.

The Hong Kong scheme, which was approved by more than three-quarters of Ocean Grand's creditors in March, will discharge all of the company's debt in full.

According to the notice, Gold Star's restructuring proposal includes a capital reorganization, debt restructuring, subscription of new shares and subscription of convertible preference shares.

In addition, Ocean Grand is in the third stage of the process of having its securities delisted from the Stock Exchange of Hong Kong.

The company's securities are scheduled to be canceled on Sept. 12.

Ocean Grand is a Hong Kong-based chemical company.

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