Replies to post #61009 on Hong Yuan Holding Group (HGYN)

[12yearplan]

Renee, if I understand this correctly CERP signed a contract that effectively gives them no recourse to the courts or anywhere. Why would they release the PR today that indicates they are doing the opposite?

[FedUpToHere]

Rats. I didn't make it in time here today to post the agreement. Well done! I wanted to point out to people suggesting that Cereplast was forcing Horizon to negotiate in bankruptcy that no, Horizon is not going to negotiate or renegotiate. Horizon is simply following through on agreements between itself and Cereplast.

8.13 Voluntary Insolvency Proceeding . If Borrower shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian (or other similar official) of Borrower or for any substantial part of its Property, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate action in furtherance of any of the foregoing.

[N4longterm]

They can enter the order, but the court is not required to approve it. However, I see nothing anywhere that would suggest that the court would deny it, in this case.