CCX is an EBX Group company created with the purpose of investing in the production and commercialization of coal in Colombia, as well as logistics for the operation of its assets.
The coal mining project originally intended by the Company was not implemented, and the Company concluded the sale of all its main operating assets in the third quarter of 2016, notably the opencast mining projects of Cañaverales and Papayal and the Project of underground mining of San Juan, including the project of logistic infrastructure, composed by railroad and port.
CCX’s main assets were subject of the Asset Purchase Agreement ("APA"), which entered into on March 26, 2014, between CCX Colombia S.A. (i.e. a indirect subsidiary controlled by CCX Carvão de Colombia S.A.) and YCCX Colombia S.A.S. (i.e., a subsidiary controlled by Yildirim Holding A.S.) ("Yildirim") (the "Transaction").
For various reasons, the Transaction was not amicably concluded, and resulted in the initiation of arbitral proceedings before the International Chamber of Commerce ("ICC") to settle matters relating to the APA (the "Arbitral Procedure").
After a period of negotiations and reciprocal concessions, on September 19, 2016, CCX
Colombia S.A. and Yildirim entered into a Settlement Agreement, through which the transaction was formalized in relation to the Operation.
Therefore, since the Transaction was concluded and the Arbitral Procedure ended, all CCX‘s main assets were disposed of and its subsidiaries are in the process of dissolution and liquidation in their respective jurisdictions (i.e., initially in Colombia, and then in Austria), the Company has no prospect of operational income generation or of developing operational activity.