| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers R > Headlines for Reward Science and Technology Industry Group Co., Ltd. > News item |
China’s Reward gets U.S.-court recognition of Beijing proceedings
By Sarah Lizee
Olympia, Wash., Oct. 30 – Reward International Investment Ltd. 2020 notes guarantor Reward Science and Technology Industry Group Co., Ltd. announced that it has received recognition and assistance from the U.S. Bankruptcy Court in the Southern District of New York of its reorganization proceedings in the Beijing Chaoyang District People's Court.
The U.S. court formally judged to acknowledge the Beijing proceedings and grant relevant relief on Oct. 8.
The guarantor said that in order to avoid damages of its assets in the United States due to individual legal actions taken by foreign creditors, on Sept. 9, foreign representative and the person in charge of Reward’s bankruptcy reorganization, Yin Zhengyou, filed an application for recognition of the bankruptcy reorganization proceeding, which had already been accepted to process by the Beijing court.
Meanwhile, to prevent excessive time and expense cost incurred by individual U.S. creditors’ litigation actions in the United States, Zhengyou, applied for granting interim provisional relief and for a hearing on Sept. 9 in the U.S. court. The court issued the interim relief order on Sept. 9.
As previously reported on Sept. 4, Reward failed to repay the full amount of its 16 Reward Sci & Tech MTN001 due June 22, 2019 on time and disclose its 2019 semiannual financial statements before Aug. 31 due to an audit of its reorganization process.
Reward entered bankruptcy in May, and trading in its $200 million 7¼% senior notes due 2020 has been suspended since Dec. 13, 2018.
Beijing-based Reward Science and Technology makes and distributes food products, including milk powder and anhydrous butter products.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.