30 Sept 2024
RE HONG KONG PETROCHEMICAL COMPANY LTD AND ANOTHER
- Citation
- [2024] HKCFI 2601
- Court
- Court of First Instance
- Case number
- HCMP886/2024
The Scheme and associated capital reduction were sanctioned because the Court was satisfied the Scheme served a permissible restructuring purpose, the creditors formed a single class with identical rights in and rights out, the Convening Order and notice/information requirements were complied with, statutory majorities were obtained, there was no blot or prejudice to creditors, and the capital reduction was a technical, equitable step necessary for the restructuring and safeguarded creditors, therefore sanction and confirmation were appropriate.