1. CAO Singapore operates according to local laws and commercialization rules, and it is the common wish of creditors, minority shareholders and CAO Group to introduce strategic investors and implement debt restructuring; The State-owned Assets Supervision and Administration Commission of the State Council (hereinafter referred to as the State Council State-owned Assets Supervision and Administration Commission), as the representative of investors, has been urging Cao Group and Cao Singapore Company to do a good job in debt restructuring in accordance with Singapore laws and commercialization rules on the basis of considering the interests of all parties.
2. According to the feedback from creditors and with the support of Cao Group, Cao Singapore Company carefully considered the interests of creditors and other parties, and adjusted and improved the debt restructuring plan submitted on June 24, 65438/KLOC-0. The improvement plan announced on May 12 fully expresses the sincerity of debt restructuring, which is also the best effort made by Cao Singapore Company according to the principle of commercialization.
3. Some creditors have appraised the value of some assets held by CAO Singapore Company, and assessed the future income according to the benefit growth trend in recent years, without fully considering the influence of changing factors such as the supply policy of China Aviation Oil Market, resulting in some differences between creditors and debtors in the evaluation of existing assets of CAO Singapore Company. It is hoped that the creditors concerned can objectively and truly evaluate the existing assets of Cao Singapore Company.
4. The success of debt restructuring of Cao Singapore Company is the most appropriate way and method to reduce the losses of all parties as much as possible and solve the problem effectively. It is hoped that creditors will seriously study and analyze various favorable factors of Cao Singapore's debt restructuring plan, and seek common development through long-term business cooperation.
The State-owned Assets Supervision and Administration Commission of the State Council is paying close attention to the development of the situation. After the incident is properly resolved, the relevant personnel will be held accountable according to law, and on the basis of earnestly summing up experience and lessons, the supervision of overseas Chinese-funded enterprises and the monitoring of high-risk businesses will be improved as soon as possible, and relevant policies and regulations will be carefully studied and formulated in conjunction with relevant state departments; At the same time, central enterprises are required to take a warning, nip in the bud, strengthen internal control management, and establish and improve an effective mechanism for supervision and operational risk monitoring of overseas subsidiaries.