A bankruptcy judge has cleared CDC Corp. to pay more than $70 million to shareholder Evolution Capital Management in a deal that settles the dispute that pushed CDC into Chapter 11 last year.
Under the deal, CDC will pay the full amount, $65 million, of a legal judgment in Evolution's favor, including 18% interest, or $32,000 a day, but provides a $2.1 million discount if Evolution Capital gets paid by Oct. 31, 2012. After that date, the discount would be $100,000, according to documents filed with the U.S. Bankruptcy Court in Atlanta.
The dispute was the impetus for CDC's Chapter 11 petition, which was filed two days before the New York State Supreme Court was expected to order the company to turn over cash and stock to Evolution Capital.
Evolution Capital sued CDC in 2009 after the company defaulted on notes due in November 2011. In bankruptcy, CDC sold it's 87% stake in CDC Software to Vista Equity Partners for $249 million and will use the sale proceeds to fund the settlement.
CDC "anticipates that it will have sufficient assets to provide a surplus in this case over its creditors' claims," the company said in court documents.
CDC, a holding company, also has ownerships in other subsidiaries, which it plans to liquidate. It estimates it will be able to raise $290.8 million in all. The subsidiaries provide Internet technology services and online games to Chinese Internet users as well as software for remote computer-data storage.
After $110 million is held back for the payment of allowed claims and expenses--including $72 million for Evolution, according to CDC's Chapter 11 plan--about $194.9 million, or $5.05 a share, will be left for shareholders.
The shares of CDC, a Hong Kong-based company with offices in Atlanta that's registered in the Cayman Islands, were once listed on Nasdaq but are now traded over the counter.
Die Sache scheint sich zu verdichten.
Sie die letzten 2 Sätze in dem Artikel. Es scheint als wird man wohl mit ca.
5,05 Dollar oder knapp 3,90 Euro abgefunden - und CDC liquidiert , und das Guthaben
an die Aktionäre verteilt.
So versteh ich das.
Was meint ihr dazu ?
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