Ocean Grand restructuring long-stop date extended

By Caroline Salls

Pittsburgh, March 18 - Ocean Grand Holdings Ltd. has entered into a supplemental agreement with its investor and provisional liquidators that extends the long-stop date of the company's restructuring agreement to Dec. 31, 2009 from Dec. 31, 2008, according to a news release.

In addition, the hearing on approval of the wind-up petitions against Ocean Grand Holdings and key asset-holding subsidiaries Hing Yip Holdings (Hong Kong) Ltd., OG Development Co. Ltd. and Sky Leader Industries Ltd. has been adjourned to Sept. 21, 2009.

As previously reported, Hing Yip presented winding up petitions for Sky Leader Industries Ltd. and OG Development to the High Court of Hong Kong on Dec. 5.

According to the release, trading in Ocean Grand shares was suspended on July 17, 2006 and will remain suspended until further notice.

Ocean Grand is a Hong Kong-based chemical company.

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