Monday, A-Power Energy Generation Systems Ltd. (APWR) said it has received the Approval Certificate of Foreign Investment from the National Development & Reform Commission or NDRC and Ministry of Commerce in China to complete the acquisition of EVATECH Co., Ltd. Kyoto, Japan.
EVATECH is currently undergoing a rehabilitation process in the courts of Japan related to its corporate and debt restructuring. A-Power is to fund 100% of the transaction, 45% of which is expected to be reimbursed from foreign-investment grants from various levels of the local government in China. The transaction was expected to be funded by the company and close prior to December 31, 2009; however, the company applied to the courts in Japan for an extension of the funding date to January 25, 2010, which was granted.
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