Up Energy seeking legal advice regarding HK$150 million convertibles

By Sheri Kasprzak

New York, May 23 -- Up Energy Development Group Ltd. is seeking legal advice after Credit Suisse AG, Singapore Branch filed a winding-up petition against the company related to HK$150 million of convertible notes, said a notice from the company.

A hearing on the petition is scheduled to be heard in Bermuda court on July 1.

“The company is currently seeking legal advice in respect of the winding-up petition with a view to defend the winding-up petition by challenging whether the winding-up petition is filed in the proper jurisdiction and/or reach a settlement with the petitioner on this matter and/or implement the reorganization plan by way of a scheme,” said the company in a statement.

Up Energy said it plans to keep its shareholders and potential investors informed of any significant development in the matter.

Based in Xinjiang, China, Up is an energy investment group.

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