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French court approves buyer of YuuZoo Networks unit
YUUZOO Networks Group Corp, formerly known as YuuZoo Corp, announced on Friday that its French subsidiary YuuLog France has received a judgement from the French Commercial Court on Oct 29.
YuuZoo Networks said that after the court assessed offers from two buyers, it approved the proposal presented by one of the potential buyers that provided the most promising outcome for the employees and creditors of YuuLog France.
The process is expected to be completed by Nov 19. The company has fully impaired its investment in YuuLog France in the financial year ended Dec 31, 2017.
The company provided for financial commitments to YuuLog France amounting to 500,000 euros (S$783,700) for contribution to share capital and 1.5 million euros as a committed revolving credit line. If these amounts are not paid to YuuLog France following the conclusion of the judicial recovery proceedings, the company will write-back these amounts.
Barring that, it is not expected to have a material impact on the earnings per share and net asset value per share of the group for the current financial year ending Dec 31, 2018.