Ascent Bridge says that Sun Quan, its chairman and CEO, has on March 30 fully settled the outstanding amount of a bankruptcy court application.
He is now "liaising" with the claimant's lawyer to "discontinue/withdraw" the claim, states the company on March 31.
The bankruptcy claim against Sun was first announced by the company on March 10.
The outstanding amount was not disclosed.
“The board has been made aware that the application arose from Mr Sun having guaranteed repayment of a loan extended by the applicant to one of Mr Sun’s wholly-owned companies, which is not a subsidiary of the group,” the company stated back then.
Ascent Bridge used to be called AEI Corp, which was in metal parts making.
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Under Sun, the company tried to be a distributor of drinks including a sub-brand of Moutai white liquor outside China.
According to the company last December, the proposed acquisitions to acquire some of the distributorships did not go through.
Ascent Bridge last traded at 55 cents on March 24.
