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Winding-Up Petition - Sealed

Winding-Up Petition - Sealed

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Published by: DistressedDebtInvest on Jun 21, 2012
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07/10/2013

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INTHEGRANDCOURTOFTHECAYMANISLANDSFINANCIALSERVICESDIVISION
f']_
CAUSENO.FSD
L)
OF2012ThehumblePetitionofWilmingtonTrustCompany,aDelaware
trust
companydulyorganizedandexistingunderthelawsoftheStateofDelaware,ofRodneySquareNorth,1100NorthMarketStreet,Wilmington,Delaware19890-1615,UnitedStatesofAmerica(the"Petitioner")showsthat:
INffiODUCTION
1.ChinaMedicalTechnologies,Inc,(the"Company")wasincorporatedon6July2004underthenameYDMEMedicalEquipmentInc.andRegistrationNo.137620asanexemptedcompanywithlimitedliabilityunderthelawsoftheCaymanIslands.
It
changeditsnametoitspresent-legalnameon22July2004.2.TheregisteredofficeoftheCompanyissituatedatWalkersCorporateServicesLimited,WalkerHouse,87MaryStreet,GeorgeTown,GrandCayman,KYI-9005,CaymanIslands.3.TheprincipalbusinessoftheCompanyistodevelop,manufactureandmarketadvancedsurgicalandmedicalequipmentinthePeople'sRepublicofChina(the
"PRe")
suchasin-vitrodiagnosticproductsusingEnhancedChemiluminescence
 
-2-
technology,FluorescentinsituHybridizationtechnologyandSurfacePlasmonResonancetechnologytodetectandmonitorvariousdiseasesanddisorders.4.TheCompanyistheultimateholdingcompanyofagroupofcompanies,includingbutnotlimitedtothreewhollyownedoperatingsubsidiariesinthePRC,namely,BeijingYuandeBio-MedicalEngineeringCo.,Ltd.,BeijingGPMedicalTechnologiesCo.,Ltd.andBeijingBio-EkonBiotechnologyCo.,Ltd.5.TheprincipalbusinessaddressoftheCompanyinthePRCissituatedatNo.24YongChangNorthRoad,BeijingEconomic-TechnologicalDevelopmentArea,Beijing100176.
THEPETITIONER
6.PursuanttotheIndenture(the"6.25%Indenture"),datedasof6December2010,betweentheCompanyandthePetitioner,asTrustee(asdefinedinthe6.25%Indenture),theCompanyissuedits6.25%convertibleseniornotesdue2016(the"6.25%Notes")
in
theaggregateprincipalamountofUS$150,OOO,OOO.7.Pursuanttosection2.03(c)ofthe6.25%Indenture,thePetitionerwasdesignatedasPayingAgent(asdefinedinthe6.25%Indenture)withrespecttothe6.25%Notes.
B.
ThePetitioneralsoisthetrusteeundertheIndenture(the"BaseIndenture"),datedasof11August
200B,
assupplementedbytheFirstSupplementalIndenture(the"SupplementalIndenture"and,togetherwiththeBaseIndenture,the
"4%
Indenture"),datedasof15August2008,betweentheCompanyandthePetitioner,asTrustee(asdefinedinthe4%Indenture),pursuanttowhichtheCompanyissuedits4%convertibleseniornotesdue2013(the
J/4%
Notes"and,togetherwiththe6.25%Notes,the"Notes")intheaggregateprincipalamountofUS$276,OOO,000.9.Pursuanttosection2.05oftheSupplementalIndenture,thePetitionerwasdesignatedasPayingAgent(asdefinedinthe4%Indenture)withrespecttothe4%Notes.
 
-3-
THE
COMPANY'SDEFAULTS
A.
THE6.25%NOTES
10.Pursuanttosections2.04(a)and5.01(a)ofthe6.25%Indenture,theCompanyisrequiredtodepositwiththePetitioner,asPayingAgent,asumsufficienttopayprincipal
at
orintereston,the6.25%Notespriorto11:00a.m.,NewYorkCitytime,onthedatewhensuchpaymentofprincipalorinterestisdue.11.The6.25%Notesprovidethatinterestshallbepaidsemi-annuallyon15Juneand15Decemberofeachyearcommencing15June2011attherateof6.25%perannumuntiltheprincipalispaidormadeavailableforpayment.12.TheCompanyfailedtomaketherequiredpaymentofinterestonthe6.25%NotestothePetitioner,asPayingAgent,on15December2011(the
"6,25%
DueDate"),intheamountofUS$4,687,500(the
"6,25%
OutstandingInterest").13.
An
eventofdefault(the
"6.25%
EventofDefault")hasoccurredandiscontinuingundersection7.01(b)ofthe6.25%Indenture
(EventsofDefault)
asaresultoftheCorporation'sfailuretopaythe6.25%OutstandingInterestwithinthirty(30)daysafterthe6.25%DueDate.14.On1February2012,thePetitionerinformedtheCompanybywrittennoticethatthe6.25%EventofDefaulthadoccurredandwascontinuingundersection7.01(b)ofthe6.25%Indenture,TheCompanyhasnotrespondedtothisnoticeofdefault.(a)declaretheprincipalofandaccruedandunpaidinterestonthe6.25%Notesthenoutstanding(the"Outstanding
6,25%
Notes")tobedueandpayable,seesection7.02(a)ofthe6.25%Indenture
(Acceleration);
15,TheTrusteehascertainrightswhenaneventofdefaultunderthe6.25%Indenturehasoccurredandiscontinuing,includingbutnotlimitedto,therightto;

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