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Global Cord Blood Corporation (NYSE: CO) (“GCBC” or the “Company”) is China's leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services.
On 22 September 2022, an Order was made by the Grand Court of the Cayman Islands (“Grand Court”) (the “Order”) appointing Margot MacInnis and John Royle of Grant Thornton Specialist Services (Cayman) Limited and Chow Tsz Nga Georgia of Grant Thornton Recovery & Reorganisation Limited as the Joint Provisional Liquidators of the Company (the “Joint Provisional Liquidators”). Upon the making of the Order, the powers of the directors of the Company are suspended. Blue Ocean Structure Investment Company Limited, a shareholder of the Company, filed a petition on August 22, 2022 in the Grand Court requesting the appointment.
Following the issuance of the Order, The New York Stock Exchange (the “NYSE”) halted trading in the Company's Ordinary Shares effective September 23, 2022.
The Joint Provisional Liquidators are authorized and empowered by the Grand Court to take such steps as they consider necessary or expedient to protect the Company's assets. The powers of the Joint Provisional Liquidators include, among other things, the power to defend any actions or legal proceedings on behalf of the Company, to investigate and conduct the affairs of the Company, to engage staff and advisors to assist them in the performance of their functions, to take possession of and collect the Company’s property and to execute all agreements and documents on behalf of the Company
The Joint Provisional Liquidators are required to file a progress report to the Grand Court within 28 days of the Order and a further report within 70 days of the Order. At the current time, the Joint Provisional Liquidators expect the Company to continue operating its businesses. Depending on a number of factors, at any future hearings the Grand Court may (i) dismiss the petition and hand control back to the directors, (ii) adjourn the petition to allow the Joint Provisional Liquidators to continue in office, (iii) make a winding up order, or (iv) make any other order as it sees fit.
The Order further provides that no lawsuit, action or other judicial proceedings, including criminal proceedings, shall be proceeded with or commenced against the Company, except with the leave of the Grand Court and subject to such terms as the Grand Court may impose.
Link to the Order made by the Grand Court of the Cayman Islands: https://www.sec.gov/Archives/edgar/data/1467808/000110465922102999/tm2226635d1_ex99-1.htm
About Global Cord Blood Corporation
Global Cord Blood Corporation is the first and largest umbilical cord blood banking operator in China in terms of geographical coverage and the only cord blood banking operator with multiple licenses. Global Cord Blood Corporation provides cord blood collection, laboratory testing, hematopoietic stem cell processing and stem cell storage services.