SHANGHAI, Aug. 21 (SMM) –For the purpose of the Assets Restructuring, Zhongwang Fabrication entered into the Assets Restructuring Agreements with CRED Holding in 2016. Pursuant to the Assets Restructuring Agreements, if any condition precedent under the Assets Restructuring Agreements has not been fulfilled (or waived) before 22 September 2017 (or any later date as may be agreed upon by Zhongwang Fabrication and CRED Holding), being the Long Stop Date, the Assets Restructuring Agreements will be terminated automatically.
On 18 August 2017, Zhongwang Fabrication and CRED Holding entered into a supplemental agreement (the “Supplemental Agreement”) to the Assets Restructuring Agreements, pursuant to which the Long Stop Date was extended to 21 September 2018 in order to allow more time to complete the PRC regulatory procedures in connection with the Assets Restructuring and the Proposed Spin-off.
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