PE investors move to liquidate Ambow, call for CEO to resign
New York-listed Chinese tutoring and training services provider Ambow Education Holding could face a winding up order after a court appointed liquidators to assume control of the company. Avenue Capital, Ambow’s largest institutional shareholder, instigated the action, filing a petition in April, citing unacceptable behavior on the part of the chairman and CEO.
Fellow investors Baring Private Equity Asia and Macquarie came out in support of the petition last week and three KPMG partners have now been appointed joint provisional liquidators by the Grand Court...
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