Abax Global Capital Limited through Abax Lotus Ltd. and Abax Nai Xin A Ltd. cancelled the acquisition of Shaanxi Xilan Natural Gas Equipment Co.,ltd from China Natural Gas, Inc. (OTCPK:CHNG.Q).
October 14, 2015 at 12:00 am EDT
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Abax Global Capital Limited through Abax Lotus Ltd. and Abax Nai Xin A Ltd. agreed to acquire Shaanxi Xilan Natural Gas Equipment Co.,ltd from China Natural Gas, Inc. (OTCPK:CHNG.Q) for $53.3 million on October 14, 2014. Under the terms of the deal, Abax Global Capital will pay $0.25 million with immediately available funds and $53 million is a reduction in the amount from the aggregate amount of outstanding obligations owed by China Natural Gas, Inc to Abax Lotus Ltd. and Abax Nai Xin A Ltd. In the event of termination, Abax Global Capital will receive a termination fee of $0.03 million. The transaction is subject to approval by bankruptcy court and regulatory approval. The transaction is expected to close within 365 days following entry of sale approval order. Ernst & Young (China) Advisory Limited acted as financial advisor to China Natural Gas, Inc. Alan Nisselson and Leslie S. Barr of Windels Marx Lane & Mittendorf and Louis T. DeLucia of Schiff Hardin LLP acted as legal advisors to China Natural Gas. Adam P. Strochak, Matthew P. Goren and Jacqueline Marcus of Weil, Gotshal & Manges LLP acted as legal advisor to Abax Global Capital.
Abax Global Capital Limited through Abax Lotus Ltd. and Abax Nai Xin A Ltd. cancelled the acquisition of Shaanxi Xilan Natural Gas Equipment Co.,ltd from China Natural Gas, Inc. (OTCPK:CHNG.Q) on October 14, 2015.
China Natural Gas, Inc. is an integrated natural gas operator. The Company is engaged in sale and distribution of natural gas and gasoline. The Company is focused on commercial, industrial and residential customers through fueling stations and pipelines, construction of pipeline networks, installation of natural gas fittings and parts for end-users, and conversions of gasoline-fueled vehicles to hybrid (natural gas/gasoline) powered vehicles at automobile conversion sites. The Company operates through its subsidiaries, which include Xilan Energy Co. Ltd., Shaanxi Xilan Natural Gas Equipment Co. Ltd, Hubei Xian Natural Gas Co., Ltd, Lingbao Yuxi Natural Gas Co. Ltd., Shaanxi Jingbian Liquefied Natural Gas Co. Ltd, Henan Xilan Natural Gas Co. Ltd, Xiâan Xilan Auto Body Shop Co, Ltd., Hanchuan Makou Yuntong Compressed Natural Gas Co., Ltd and Xiantao City Jinhua Gas And Oil Co., Ltd.
Abax Global Capital Limited through Abax Lotus Ltd. and Abax Nai Xin A Ltd. cancelled the acquisition of Shaanxi Xilan Natural Gas Equipment Co.,ltd from China Natural Gas, Inc. (OTCPK: CHNG.Q).