The news release aibout directors leaving is very positive. Do not underestimate the Chinese ability to evolve and live through very difficult circumstances. The stock price may scrape the floor and still endure through some sort of makeshift reorganization.
The new director, Michael Nacson, has more than 25 years of senior management and boardlevel experience in the AsiaPacific region and has worked with businesses with distressed debt and undergoing corporate restructuring
Severe cash flow drain with unclear prospect of securing new capital;
Difficult prospects on completing consensual restructuring with convertible bondholders;
Lack of clear business plan;
Loss of critical talent and potential severe HR retention issues;
Failure to pay outside legal counsel;
Potential erosion of internal controls; and
Impairment of employees' ability to function effectively.
what is worst is already exposed, stp transfers the 2 branches asset( 1 is japan branch) under wuxi shang de, do you know why? 3 directors resign is positive, to reduce the confliction . there will be a plan soon.