*ST Middle Velvet ((000982): The Manager Borrows 20 Million Yuan From The Investment In Heng Tian Jin Shi, Which Is Used To Distribute The Company'S Wages And Maintain Normal Operation.

*ST 000982.SZ was released. In July 9, 2019, the intermediate people's Court of Yinchuan, the Ningxia Hui Autonomous Region ("Yinchuan intermediate court") made (2018) ningmin 01 Shen Shen 29, "civil ruling" and "2019" Ning 01, 6-1, "decision", and decided to accept the reorganization application of Shanghai's Yong run Cci Capital Ltd to Ningxia's cashmere industry Limited by Share Ltd ("silver cashmere industry" or "company").

According to the twenty-fifth, twenty-six and sixty-nine articles of the enterprise bankruptcy law of the People's Republic of China, as well as the second provision of the Supreme People's Court on certain issues concerning the application of the People's Republic of China Enterprise Bankruptcy Law (three), after the bankruptcy application is accepted, the debtor, who has been authorized by the people's court before the first meeting of creditors, is allowed to continue lending to the debtor after the resolution is approved by the creditors' meeting or before the first creditors' meeting.

To sum up, during the period of reorganization, the manager takes over the property and business affairs of the company, and the borrower of the management should borrow the permission of the people's court.

After taking charge of the company's property and business affairs according to law, the manager found that the company lacks liquidity at present, so it is difficult to pay employees' wages and maintain the daily expenses of normal operation and operation. In order to prevent further expansion of the company's economic losses, the administrator signed a loan agreement with Heng Tian Jinshi Cci Capital Ltd in September 19, 2019 and approved a loan agreement with the Yinchuan intermediate people's court. He borrowed 20 million yuan from Heng Tian Jinshi Cci Capital Ltd to pay the wages of the Bank of China and maintain normal operation.

The loan has been approved by the Yinchuan intermediate people's court in accordance with the provisions of the enterprise bankruptcy law.