Z-Obee an investment holding company, engages in the development, distribution, and marketing of software and solutions for electronic appliances.
A winding-up petition was presented in Hong Kong with a summons filed for the appointment of provisional liquidators at the same time. The Companies Court appointed PwC partners as provisional liquidators for the purpose of protecting and preserving the assets of Z-Obee. This also provided a moratorium against further enforcement actions against the company. The PL order did not provide a platform to enable the HK PLs to explore the possibility of restructuring the company to resume the trading of its shares on the Hong Kong Stock Exchange.
Having effectively discharged their duties in securing the company’s assets and thereby fulfilling the purpose of the provisional liquidation order, the HK PLs wanted to continue to pursue their efforts to generate value for the creditors via restructuring of the company that would result in the relisting of its shares via a re-capitalisation by a new investor.Further direct information regarding the reasons behind this restructuring are not currently available online.
Z-Obee: Annual Report, 28 Jun 2017