Shenda Shares ((600626): The Entrusted Lawyer Has Applied To Relevant US Government Departments To Cancel PFI Holdings And PFY
Glonghui (600626. SH) announced on July 31 that the company held the eighth meeting of the 10th board of directors on June 10, 2020, deliberated and passed the proposal on bankruptcy liquidation of holding subsidiary PFI holdings, LLC, and agreed to apply for bankruptcy of PFI holdings, LLC.
Pfiholdings, as a holding platform, its main daily business activities and business promotion activities are carried out through its subsidiary company perfect fit industry, LLC ("PFI"); another subsidiary, perfect fit yarn, LLC ("PFY") has basically ceased operation in 2018 due to business shrinkage.
According to the practice of bankruptcy liquidation of local companies in the United States, the court usually only accepts bankruptcy application for the subject with actual debts and assets. As of the date of this announcement, a lawyer has been entrusted to submit a PFI bankruptcy liquidation application to the local court, and the bankruptcy court has accepted and appointed John W. Taylor as the bankruptcy trustee of this bankruptcy. In the future, the bankruptcy trustee will take over the property of the bankrupt company and carry out specific liquidation work. At the same time, the bankruptcy attorney has applied to the relevant U.S. government departments to cancel PFI holdings and PFY.
The impact of the above matters on the company's profit and loss still needs to be determined according to the specific results of liquidation work carried out by the bankruptcy trustee, but it does not affect the production and operation of the company's existing business.
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