According to the announcement, as of February 28, 2010, ST Jinhua has repaid the bank principal totaling RMB 828 million at the end of the year, including: RMB 125 million in front of Huludao Trading Company; RMB 470 million yuan in outstanding chemical branches of CCB; The commercial bank's urban construction sub-branch amounted to 92 million yuan; it owed a total of 46 million yuan to the Agricultural Bank Huludao branch; it owed the Bank of China Huludao branch 43.6648 million yuan; and China Huaxia Shenyang Zhongshan Plaza branch amounted to 51.95 million yuan. ST Jinhua stated that since the bank loans mentioned above are overdue, there may be penalties. The penalties are calculated and approved by the bank, and it is not yet clear how much the amount will be determined.
In addition, while the financial situation of ST Jinhua deteriorated rapidly, some lawsuits such as debt and contract disputes also escalated. After ST Jinhua's self-examination, he discovered that there were 19 lawsuits.
In the 19 lawsuits, it not only included creditor bankers such as Jinzhou Bank and China CITIC Bank Shenyang Branch, but also included disputes concerning Zhuhai Wanlida Electric Co., Ltd. v. ST Jinhua’s sale and purchase contract disputes, involving an amount of 567 million yuan.
ST Jinhua said that because the above case has not yet reached a final judgment, the impact of the lawsuit on the current profits of the company cannot be judged yet. The company will conduct further analysis based on the trial of the case and the final judgment.
On March 19th, ST Jinhua received Huludao Intermediate People’s Court’s “Civil Rulingâ€. The company’s creditor, Huludao City Commercial Bank, stood in front of the branch with the company’s inability to pay off due debts, and the company’s financial and operating conditions deteriorated significantly. With regard to the solvency, the Huludao Intermediate Court applied for the reorganization of Jinhua chlor-alkali. The Huludao Intermediate Court decided to reorganize the company and designated the company's liquidation group as the manager.
As the company was ruled by the court to enter the reorganization process, according to the relevant regulations, ST Jinhua will be subject to the delisting risk warning and will become “*ST Jinhuaâ€. The company's stock will be suspended for one day on March 22nd, 2010. Trading will resume on March 23, 2010. The company's stock will be suspended after 20 trading days from the date of resumption.
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