Re Softmedx Healthcare Ltd

HCMP 1126/2023

[2024] HKCFI 69

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

MISCELLANEOUS PROCEEDINGS NO 1126 OF 2023

________________

________________

________________

D E C I S I O N

________________

1.I have before me a petition issued in October seeking the court’s sanction of a scheme of arrangement between the Company and its creditors pursuant to section 673 of the Companies Ordinance (Cap 622).

2.The Company is incorporated in Hong Kong and its shares are listed on the Main Board of the Stock Exchange (stock code: 0648). Trading in its shares is currently suspended. Resumption of trading is not a condition of the scheme. The scheme can be categorised as conventional and involving the restructuring of the debt of unsecured creditors giving them two options, which will be either exclusively a cash settlement in the event that share trading is not resumed or, if it is, an additional entitlement to shares in the Company.

3.The debt is largely governed by Hong Kong law. The scheme was approved at the scheme meeting held on 26 September 2023, pursuant to an order that I made on 1 August 2023, by a majority in value representing 91.3%, and in number 96.7%, of creditors.

4.I am satisfied that the criteria which the court has regard to when determining whether or not to sanction a scheme, and which I have most recently summarised in my decision in Re Sunac China Holdings Limited[1], are satisfied in the present case and I will make an order in terms of the draft presented to me by counsel at the hearing.

Mr Vincent Lung and Ms Leticia Tang, instructed by Haldanes, for the company