* ST Haotian ship reorganization plan draft submission time postponed

On the afternoon of August 4, the *ST barge issued an announcement. On August 3, the administrator received a "Civil Ruling Book" from Nanjing No. 26 (2015) Ningshang Poetry No. 26, which included the permission of the institute. The submission of the draft of the Haotian Ship Reconstruction Plan was extended to November 4, 2016. The ruling was a final ruling with legal effect.
         It is understood that the Nanjing Intermediate People's Law of Jiangsu Province ruled on February 5, 2016 that the case of *ST barge reorganization was accepted, and on February 7, 2016, Beijing Jindu Law Firm was appointed as the ship manager of Haotian. (hereinafter referred to as "manager").
         According to the relevant regulations, the deadline for Haotian Ship to submit the draft reorganization plan will expire on August 4, 2016. On August 2, 2016, the administrator filed an application with the Nanjing Intermediate People's Court and requested the court to approve the extension for three months and submit the draft of the Haotian Ship Reconstruction Plan by November 4, 2016.
         The Haotian Ship Manager filed an application with the court, stating that the six-month deadline for submitting the draft reorganization plan is about to expire. However, since the draft ship reorganization plan involves the administrative licensing of securities regulatory agencies, it is necessary to initiate a meeting with the Securities and Futures Commission. Due to the mechanism, it is not possible to submit the draft reorganization plan on time within six months from the date of the court’s decision to reorganize. Haotian ships have the value of reorganization. If entering bankruptcy liquidation will seriously affect the rights of creditors and investors and social stability, the court is requested to extend the deadline for submitting the draft plan for three months.
         On August 3, the administrator received a “Civil Ruling Book” from Nanjing Zhongyuan (2015) Ningshang Poetry No. 26, which showed that the court believed that Haotian Ship was ruled by the Court on February 5, 2016. After the reorganization, the manager was responsible for the ship assets and business affairs of Haotian, and announced the major asset restructuring plan on April 29, 2016, and planned to implement major asset restructuring in the reorganization process. As the draft of the reorganization plan involves the administrative licensing matters of the securities regulatory authorities, according to the provisions of Article 8 of the Minutes of the Supreme People's Court on the Trial of the Work of Reviewing the Reorganization of Listed Companies, the Supreme People's Court shall initiate the consultation mechanism with the CSRC. The SFC arranges the M&A and Restructuring Expert Advisory Committee to conduct research on the business case. The case has now started the consultation mechanism with the China Securities Regulatory Commission. Therefore, the reason for the request of the Haotian Ship Manager to postpone the submission of the draft reorganization plan is justified. In accordance with the provisions of Article 79, paragraph 2 of the "Enterprise Bankruptcy Law of the People's Republic of China", the ruling is as follows: The time for submitting the draft reorganization plan is extended to November 4, 2016, and the ruling is final.
         Although the time for submitting the draft reorganization plan was extended by three months, the Haotian ship was still at risk of being declared bankrupt and liquidated for reasons stipulated in the Enterprise Bankruptcy Law of the People's Republic of China. If the company is declared bankrupt, the company's stock will stop listing.

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