Global Cord Blood Corporation Announces Appointment of Joint Provisional Liquidators by The Grand Court Of The Cayman Islands
Following the issuance of the Order,
The Joint Provisional Liquidators are authorized and empowered by the Grand Court to take such steps as they consider necessary or expedient to protect the Company’s assets. The powers of the Joint Provisional Liquidators include, among other things, the power to defend any actions or legal proceedings on behalf of the Company, to investigate and conduct the affairs of the Company, to engage staff and advisors to assist them in the performance of their functions, to take possession of and collect the Company’s property and to execute all agreements and documents on behalf of the Company.
The Joint Provisional Liquidators are required to file a progress report to the Grand Court within 28 days of the Order and a further report within 70 days of the Order. At the current time, the Joint Provisional Liquidators expect the Company to continue operating its businesses. Depending on a number of factors, at any future hearings the Grand Court may (i) dismiss the petition and hand control back to the directors, (ii) adjourn the petition to allow the Joint Provisional Liquidators to continue in office, (iii) make a winding up order, or (iv) make any other order as it sees fit.
The Order further provides that no lawsuit, action or other judicial proceedings, including criminal proceedings, shall be proceeded with or commenced against the Company, except with the leave of the Grand Court and subject to such terms as the Grand Court may impose.
About
http://www.globalcordbloodcorp.com.
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, performance and results of operations, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, the impact of the Order and steps taken by the Joint Provisional Liquidators pursuant thereto on the Company’s business, operations and reputation, the NYSE’s trading halt, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in statements filed from time to time with the
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