Liaoning Fang da fencing *st Chemical bankruptcy Reorganization
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*st Chemical (000818) bulletin, the Government of Liaoning Province and Huludao governments and the *st chemical industry, *st chemical major shareholder Kam Chemical (Group) Co., Ltd. (hereinafter referred to as the Jin-chemical group), Huludao Huatian Industrial Co., Ltd. (hereinafter called Huatian Industrial) three enterprises to negotiate, around the *st chemical industry ordered " Two broken one reorganization thought, namely to the Jin chemical group to carry out the policy bankrupt, to the Hua Tian industry to carry on the legal bankruptcy disposition, to *st the chemical industry to carry on the bankruptcy reorganization. July 30, Liaoning Fang da Group Industrial Co., Ltd. for its own industrial development of the layout of the consideration, through auction to obtain the Jin-group holdings of *ST chemical 190 million shares, become *st chemical potential controlling shareholder. At the same time, Liaoning Square won the Jin group and chlor-alkali industry related bankruptcy assets by auction, and transferred the asset to *st chemical industry according to auction price. August 26, 2010, *st chemical through the agreement of the way to obtain Huatian industrial and chlor-alkali industry-related production and operation of assets. The company said that Liaoning side plans to work through the following measures to achieve the rescue of *st chemical industry is currently facing the goal of financial crisis. *st all shareholders of the chemical industry to transfer their share of the 60%, a total of 204 million shares, through liquidity repayment. Among them, the Liaoning side, as the potential major shareholder, Montana out 114 million shares to repay the debt, so that the proportion of the shares will be reduced from the auction 55.92% to 39.14%. Liaoning side has pledged to provide financial support and guarantee obligations for *st chemical implementation of the reorganization plan. Through the implementation of the reorganization plan, the *st chemical industry can realize the debt reorganization income 1.56 billion yuan, each year can reduce the financial cost 82.65 million yuan. Liaoning side to provide funds to support the *ST chemical acquisition Huatian Industrial and *ST chemical production and management closely related to the bankruptcy assets. In order to ensure that the above-mentioned debt repayment plan, asset acquisition plan and business plan of *ST Chemical industry are successfully completed, the Liaoning Grand plan provides a total of RMB 950 million for *st chemical industry. As of October 11, Liaoning side has provided 328 million yuan for *st chemical. Liaoning side of the capital provided in the *st chemical business to produce benefits and improve the financing conditions, by the *st chemical phase of the gradual repayment, all for free use.
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