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CBAK > SEC Filings for CBAK > Form 8-K on 3-Jul-2014All Recent SEC Filings

Show all filings for CHINA BAK BATTERY INC

Form 8-K for CHINA BAK BATTERY INC


3-Jul-2014

Other Events


ITEM 8.01. OTHER EVENTS.

As previously disclosed, to repay its overdue bank loans, Shenzhen BAK Battery Co., Ltd. ("Shenzhen BAK"), a wholly-owned subsidiary of China BAK Battery, Inc. (the "Company") borrowed from Mr. Jinghui Wang an aggregate of RMB520 million (approximately $85.9 million) (the "Loans") in December 2013 and January 2014. To secure the repayment of the Loans, the Company and the Company's wholly-owned Hong Kong subsidiary, BAK International Limited ("BAK International") separately entered into a corporate guarantee with Mr. Wang, under which each of the Company and BAK International irrevocably and unconditionally guaranteed to the lender timely performance by Shenzhen BAK of its obligation to repay the Loans. In addition, the Company pledged 100% of its equity interest in BAK International to the lender as security for Shenzhen BAK's repayment of the Loans (the "Pledged BAK International Equity").

On June 30, 2014, the Company received from Mr. Wang notice that due to Shenzhen BAK's default under the Loans, he had foreclosed his security interest in and sold and transferred to a third party the Pledged BAK International Equity for a purchase price of RMB520 million.

As a result of the above foreclosure, the Company currently owns a Hong Kong subsidiary, China BAK Asia Holdings Limited, which in turn wholly owns two Chinese subsidiaries, Dalian BAK Trading Co., Ltd. and Dalian BAK Power Battery Co., Ltd. ("Dalian BAK Power"). Dalian BAK Power is engaged in the business of developing, manufacturing and selling new energy high power batteries, which are used in electric cars, light electric vehicles and other high power applications.


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