Kaired Holdings Co., Ltd. and all members of the board guarantee that the content of this announcement is true, accurate, and complete, and that there are no false records, misleading statements, or significant omissions.
On December 8, 2021, the Jingmen Intermediate People's Court of Hubei Province (hereinafter referred to as "Jingmen Intermediate Court" or "Court") ruled to approve the "Reorganization Plan of Kaired Holdings Co., Ltd." (hereinafter referred to as "Reorganization Plan"), terminating the reorganization procedure of Kaired Holdings Co., Ltd. (hereinafter referred to as "Kaired" or "Company"). The Company has now entered the execution phase of the Reorganization Plan, and all execution work is progressing in an orderly manner. The relevant situation is announced as follows:
I. Progress of Reorganization
On November 5, 2021, Kaired received the (2021) E 08 Po Shen 1 No. "Civil Ruling" and (2021) E 08 Fa Wei Jian Zi No. 34 "Decision" from the Jingmen Intermediate Court, which accepted the Company's reorganization application and appointed the liquidation team of Kaired Holdings Co., Ltd. as the administrator of the Company. Creditors were required to declare their claims to the Company's administrator by December 5, 2021, and the first creditors' meeting was scheduled for 2:00 PM on December 6, 2021.
On November 12, 2021, the Company received the (2021) E 08 Min Po 1 No. "Decision" from the Jingmen Intermediate Court, allowing the Company to manage its property and business affairs under the supervision of the administrator. On December 6, 2021, the Company held the first creditors' meeting and the investors' group meeting, where the "Property Management and Disposal Plan of Kaired Holdings Co., Ltd." and the "Draft Reorganization Plan of Kaired Holdings Co., Ltd." were approved. On the same day, the Company submitted an application to the Jingmen Intermediate Court for the ruling to approve the reorganization plan.