Differ Group Auto Limited (HK:6878) has released an update.
Differ Group Auto Limited, facing a winding-up petition, has altered the allocation of its HK$13.6 million net proceeds from a recent share placement, now assigning approximately HK$6.3 million to implementing a restructuring scheme and the remaining HK$7.3 million for general working capital until December 2025. The shift comes after the company deemed a rights issue to raise capital for cash compensation to creditors impracticable, following the suspension of its shares in April 2024. The High Court has approved the change in the use of proceeds, although the final outcome of the restructuring and debt settlement remains uncertain.
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