Hanfeng Evergreen: Court OKs sale of Heilongjiang subsidiary

By Toni Weeks

San Luis Obispo, Calif., Aug. 20 – Hanfeng Evergreen Inc. said that the Ontario Superior Court of Justice approve the appointment of Ernst & Young Inc. as receiver and manager overall of the company’s assets.

According to a press release, the court also approved the sale of subsidiary Hanfeng Slow-Release Fertilizer (Heilongjiang) Co., Ltd. to Heilongjiang Pengcheng Fertilizer Co., Ltd.

The receiver will be responsible for, among other things, overseeing the closing of the sale, overseeing a claims process and distributing the remaining proceeds of the transaction following the payment of all expenses and allowed claims, subject to the oversight and approval of the court.

Each director of Hanfeng Evergreen has resigned, the release said.

Toronto-based Hanfeng is a developer and producer of value-added fertilizers in China.

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