China’s Reward Science and Technology provides reorganization update

By Caroline Salls

Pittsburgh, Sept. 30 – Reward International Investment Ltd. 2020 notes guarantor Reward Science and Technology Industry Group Co., Ltd. said in an update on the progress related to the default on the first phase of its 2018 medium-term notes that its financial status is being audited and evaluated, an external creditor’s rights and property claim are being undertaken and its operations are continuing as normal with no major asset disposal news.

The guarantor issued an announcement on Aug. 26 on the delayed disclosure of its semiannual financial statements for 2019.

Reward Science said its reorganization work has been underway since July 16, including self-management of property and business affairs under the supervision of an administrator, acceptance of the reorganization audit and evaluation of issuer Reward International’s assets by relevant institutions, debt declaration and external creditor’s rights and property claim work.

The guarantor said it will continue to cooperate with the court and the administrator to allow the reorganization work to proceed, strive to raise funds through various channels, resume production as soon as possible and implement a fair settlement obligation to its investor.

Trading in the 2020 notes has been suspended since Dec. 13, 2018 and will continue to be suspended until further notice.

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.