On September 16, Wu Gu Dao Chang’s 382 common creditors and 297 employee creditors were repaid. RMB 109 million was in liquidation as ordered by Beijing Fangshan court. Until the day, COFCO has completed restructuring Wu Gu Dao Chang and acquired its 100% equity.
According to the restructuring agreement, Wu Gu Dao Chang’s original shareholders would transfer all their shares to COFCO without compensation. However, 36.67% equity held by Zhongwang International Investment Group Co., Ltd. had been seized seven times in total respectively by Nanjing Intermediate People’s Court, Bejing First Intermediate People’s Court, Guangdong Qingyuan Intermediate People’s Court and another three courts, which could not be transferred. With intermediation of the Supreme People’s Court, the seizures had been lifted. All of Wu Gu Dao Chang’s equity had been transferred to COFCO on September 1, 2009.
