Fantasia and Colour Life Sign Separate Agreements with Gortune Alternative for Its Assistance in Debt Restructuring and Other Areas
On April 11, Fantasia Holdings (01777.HK) and Colour Life (01778.HK) jointly announced that each of them signed an agreement with Gortune Alternative Asset Management (Int’l) Holding Limited (Zhuhai Hengqin) (hereinafter “Gortune Alternative”).
According to the announcement, the agreement between Fantasia and Gortune Alternative outlines that Gortune Alternative will provide assistance to Fantasia Group in multiple areas, including but not limited to reviewing Fantasia Group’s financial condition to develop plans that enhance the asset value of the group and further safeguard the interests of its stakeholders; promoting the effective implementation of a comprehensive debt restructuring plan, including positioning itself or its designated individuals as potential strategic investors for the debt restructuring of Fantasia Group; leveraging its expertise in debt restructuring to facilitate communication with Fantasia Group’s creditors; and assisting Fantasia Group in developing plans for potentially selling assets, including strategic planning and transaction structuring.
For Colour Life, the agreement with Gortune Alternative stipulates that it will provide assistance in various aspects, including but not limited to developing plans to optimize Colour Life Group’s assets and business to promote future development; facilitating the effective implementation of a comprehensive optimization plan, including positioning itself or its designated individuals as potential strategic investors for the optimization plan of Colour Life Group; and developing optimization plans, facilitating communication and coordination between Colour Life Group and its stakeholders.
The announcement stated that Gortune Alternative is a leading domestic enterprise focused on equity investments, non-performing asset investments, asset management, and industrial resource integration. The largest single shareholder of Gortune Alternative (holding 40% of the shares) is Gortune Investment Co., Ltd. (“Gortune Investment”), an investment company established in 2016 with guidance from the Guangdong Provincial Government. The company is resource-rich and has a professional team with extensive experience in large-scale financial distress company and non-performing asset restructuring.
At the request of Fantasia and Colour Life, trading of their respective shares was suspended from 9 AM on April 1, 2022, pending the release of their full-year results for the year ending December 31, 2021.
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