Summary by Futu AI
CHINA PETROLEUM HOLDINGS LIMITED ANNOUNCED ON 13 MAY 2024 THAT THE RESTRUCTURING TRANSACTION AND CLEAN-UP EXEMPTION ORIGINALLY COMPLETED ON 30 APRIL 2024 WILL EXPIRE DUE TO NON-FULFILLMENT OF PREREQUISITES. The Company states that the Investor-1 Subscription Agreement, the Investor-2 Subscription Agreement and the Second Amendment Deed have been terminated on the above dates. At the same time, the Restructuring Framework Agreement was terminated with the result that the provisions of the Convertible Bond Transfer Agreement and the option covenant no longer exist. The Company is currently in consultation with interested parties to extend the deadline retroactively to 31 August 2024 and is preparing the necessary documentation and obtaining internal approvals. In addition, the company has sought legal advice on the legal effect of the...Show More