6 Jun 2022
RE RARE EARTH MAGNESIUM TECHNOLOGY GROUP HOLDINGS LTD
- Citation
- [2022] HKCFI 1686
- Court
- Court of First Instance
- Case number
- HCCW81/2021
The Court sanctioned the Scheme because it was a permissible genuine debt restructuring that complied with statutory requirements: creditors were properly classed and voted with requisite majorities, the Convening Order and explanatory statement requirements were satisfied, the proposed post‑meeting modifications only improved creditor recovery and did not prejudice creditors, and the Scheme is likely to be effective in relevant jurisdictions given the governing law of the debt; accordingly the sanction order in the form of the draft order was to be made and the Company’s application to dismi…