14 Nov 2003
RE SEAPOWER RESOURCES INTERNATIONAL LTD
- Citation
- RE SEAPOWER RESOURCES INTERNATIONAL LTD
- Court
- Court of First Instance
- Case number
- HCCW1325/2001
The court exercised its discretion to sanction the scheme because it was convened in compliance with directions, approved unanimously by the single class of creditors, provided a realistic recovery given the circumstances (including cash and share allocations), and because the Former Investors' remedies (specific performance or injunction) lacked realistic prospects of success and therefore their appeal should not be permitted to delay or frustrate the sanctioned restructuring.