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could unveil a new deal ahead.....charts tip 5cents
guoyanyunyan ( Date: 26-Sep-2013 14:18) Posted:
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Asia Fashion Holdings says it is " likely to remain a going concern"
Asia Fashion Holdings, which has been plagued by claims for about 461.5 million yuan (S$94.68 million) from dissatisfied customers because of faulty stock, has worked out a settlement which it says will not render the firm insolvent immediately. The fabric manufacturer will pay 300 million yuan in cash as compensation to customers, with the remaining 161.5 million yuan deducted by the customers from future sales of fabric materials stretching into July 31, 2018.
The company said on Wednesday that it believed that after paying the 300 million yuan, it was " likely to remain a going concern" , citing the existence of " sufficient funds" to repay its short-term borrowings and payables" and its ability to generate " adequate revenues" , among other things. (Source: Business Times)
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