Greens Holdings inks exclusivity deal for restructuring

    Greens Holdings (01318) said it entered into an exclusivity agreement with Shenzhen Nuoxin Financial Holding Company Limited.
  The investor has made the first payment of HK$4 million to Greens Holdings, in return for the investor being given an exclusivity period of six months to negotiate and finalise the terms of a proposed restructuring of the Group with Greens Holdings. In addition, the investor has agreed to be responsible for the costs of the proposed restructuring subject to certain limits and conditions.
  During the exclusivity period, the investor will be assisting Greens Holdings in preparing a proposal for the resumption of trading of the shares on The Hong Kong Stock Exchange Limited for submission to the Stock Exchange for approval and in preparing the restructuring documents.
  It is expected that completion of the proposed restructuring will be conditional on obtaining of a number of approvals including entering into of scheme(s) of arrangement between Greens Holdings and its creditors, approval of the proposed sestructuring by shareholders, and relevant approvals and / or waivers from the Stock Exchange and the Securities and Futures Commission.
  Trading in shares of Greens Holdings will remain suspended until further notice.