All
Just a brief update on where we are.
Deutsche - nothing further we can do on this. We can’t open a bank account or a client account in the time we have (they were quoting timescales such as one week, so we would always have been up against it)
Unicredit - awaiting to hear form their Shanghai office, therefore we won’t hear until Monday. The bank account in our name is not possible (again, timescales around a week to get this done, so again, never really a possibility) but they are still looking at the option of a client account.
Latham & Watkins - Waiting to hear from their Shanghai office. This might come in over the weekend. I will keep monitoring.
Therefore, in advance of Monday morning and to ensure we have the best chance possible of making this happen we need to prepare Jiuxian for the potential that they may have to make a very urgent bank transfer to an account we will inform them of on Monday.
Personally, I still think it is worth one last try to get the guarantee letter, and certainly to send them correspondence that if they can get this to us by Monday morning, we will be in a much stronger position.
Best regards
Tim.