Nickel Resources announces winding-up petition against CNR subsidiary

By Caroline Salls

Pittsburgh, Nov. 3 – Nickel Resources International Holdings Co. Ltd. said an application was filed with the High Court of the Republic of Singapore for the winding up of CNR Group Holdings Pte. Ltd.

As previously reported, CNR received a statutory demand letter in August. Nickel Resources said CNR did not repay the outstanding amount. As of Oct. 5, the unpaid income tax and penalties imposed increased to S$5,159,449.

A hearing on the winding-up application is scheduled for Nov. 18.

The group said it is discussing the application with its advisers.

In addition, following the effectiveness of its extraordinary resolutions, Nickel Resources said it is still preparing the necessary documents to submit to the courts for the creditors’ approval and court sanction for its Cayman and Hong Kong debt restructuring schemes.

The company said the application to the courts and approval of the schemes by creditors will be the next steps toward satisfaction of the conditions to completion of its subscription.

At the request of Nickel Resources, trading in the company’s shares has been suspended since April 1, 2015. The trading will continue to be suspended until further notice, the release said.

Based in Hong Kong, Nickel is an integrated mineral resources, nickel and steel supplier formerly known as China Nickel Resources Holdings Co. Ltd.

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