China Environmental Tech Settles Legal Dispute With Poshun For $11.294 Million

China Environmental Technology (00646) said it signed a settlement agreement with Poshun last Friday, according to ETNet. The company said the final settlement amount is about $11.294 million plus interest, to be paid in three instalments. The first payment is due on or before the end of this year, while the second and third payments will be made next year. Poshun agreed that, from the effective date of the agreement until any default event occurs, it will not file a winding-up petition against the group, bring court proceedings against the group or related parties, or pursue claims related to the convertible bond terms, subscription agreement or side letter agreement. It also agreed not to take any steps to enforce any judgment.