Hong Yuan Holding Group (HGYN)

[JonDHIV]

There will not be any BK announcement. If this plays out it is known as an Article 9 Sale which is an alternative to BK. Since after the default Horizon technically owns CERP they need to get rid of it to get their money so through this sale someone else will wipe out the debt owed to Horizon and take control of CERP which is why the the auction is to purchase everything and not separate pieces.

Whether or not CERP carries on is up to whoever buys them though. CERP is also allowed to try and find the buyer with the idea being they will let them carry on with the business. With an Article 9 they do not have to disclose anything publicly like they would with a BK filing with the idea being they can be bought by someone who will let the company carry on and they don't have to scare their clients, investors, etc. like they would by filing for BK.