After the debt crisis of 10 billion yuan fell for 6 years, the bankruptcy reorganization of the former photovoltaic giant Saiwei Group once again ushered in an inflection point. On January 10 this year, Xinyu Intermediate People's Court made a ruling according to the voting results of the creditors' meeting, and approved the reorganization plan of Jiangxi LDK Solar High-Tech Co., Ltd. and LDK Solar High-Tech (Xinyu) Co., Ltd. On January 21st, the company's parent company, Heshang Energy, launched its first voice. Its exclusive response to the reporter said that Saiwei will change its market structure with its core technology and equipment, and will no longer take the volume. Do market competition. The 10th floor of Ganghua Building, No. 699, Tongyuan Road, Suzhou Industrial Park, is marked with Huaying Holding Group and Huaying Automobile. Photo by Beijing News reporter Zhao Yibo The exclusive response from the private enterprise, the company, said that after the takeover, the competition will no longer compete with the volume; the subsidiary of the company will change hands several times, and the three-year price will increase 40 times. After the debt crisis of 10 billion yuan fell for 6 years, the bankruptcy reorganization of the former photovoltaic giant Saiwei Group once again ushered in an inflection point. On January 10 this year, Xinyu Intermediate People's Court made a ruling according to the voting results of the creditors' meeting, and approved Jiangxi LDK Solar High-Tech Co., Ltd. ("Savi Solar") and LDK Solar High-Tech (Xinyu) Co., Ltd. Referred to as "Saiwei Xinyu") reorganization plan. According to the news of Xinyu City Intermediate People's Court, there are two companies that have been reorganized and reorganized, namely Hehe Energy Technology (Jiangsu) Co., Ltd. ("Hehe Energy") and Wuhu Huarong Xinya Investment Partnership. Enterprise (limited partnership). It is understood that the two companies will pay a consideration of 1.795 billion yuan to acquire 100% equity of the two companies, and will pay off the debts of the two companies according to this consideration. According to public information, the latter is a member of China Huarong, a central enterprise, and the former is quite "mysterious". There is very little information on the Internet. On January 21st, the company's parent company, Heshang Energy, launched its first voice. Its exclusive response to the Beijing News reporter said that Saiwei will change its market structure with its core technology and equipment. The volume to do market competition. Mysterious private enterprise As a taker of Saiwei, public reports on Hehe Energy are rare. According to the industry and commerce information, this is a fairly young company. It was established in December 2014 and the legal person is Gan Shengquan. Hehe Energy is a wholly-owned subsidiary of Haoshang Technology Group. The latter was incorporated in December 2014. Its business scope includes energy-saving and environmental protection lighting equipment, energy-saving and environmental protection equipment research and development, and photovoltaic modules. The legal person and the largest shareholder are Gan Shengquan. Public information shows that Huashang Technology has also established a new energy automobile company, Huaying New Energy Automobile (Suzhou) Co., Ltd., and Gan Shengquan once appeared as the chairman of Huaying Automobile Group Co., Ltd. According to industry and commerce data, the legal representative of the company is Gan Shengquan, which is mainly engaged in the development and utilization of new energy, and various industrial chains such as automobile related supporting industries. On January 15, the Beijing News reporter went to 10F, Ganghua Building, No. 699, Tongyuan Road, Suzhou Industrial Park, according to the address displayed on the official website of the company. The reporter saw the listing of “Huaying Holding Group†and “Huaying Automobileâ€. Logo of the business. On January 21st, the company’s chairman of the company’s business was first voiced. The chairman of the group, Gan Shengquan, responded exclusively to the Beijing News reporter that Saiwei will change its market structure with its core technology and equipment. The amount to do market competition. “Saiwei will launch the core equipment of the system and develop steadily with a new generation of competitive products.†“In the same year, Saiwei drove the entire PV development in Jiangxi Xinyu, and even the world PV industry was also in great impact. The restructuring of Saiwei was carried out by the provincial and municipal governments with great concern and concern.†Gan Shengquan said. For the reason why the game was held, Gan Shengquan said that compared with the Yangtze River Delta in Jiangxi Province, the economy is relatively weak, and the Yanshang Science and Technology Group, as a businessman in the Yangtze River Delta, has taken the lead in reorganizing Savi, "with hometown complex, with strong feelings, the game. The successful reorganization of the U.S. is also achieved through hard work." 12 creditors lost or exceeded 23 billion yuan The road to reorganization and bankruptcy restructuring of Saiwei has been gone for six years. As a former photovoltaic giant, Saiwei Group was listed on the New York Stock Exchange on June 1, 2007, becoming the first company listed in the US in Jiangxi. And in 2008, it entered the top 500 Chinese enterprises. In 2013, the group's sales exceeded 30 billion. According to the public information of the Intermediate People's Court of Xinyu City, Jiangxi Province, since 2012, the global PV market has been depressed by the “double-reverse†of Europe and the United States, the price of products has fallen sharply, and the company's own expansion is too fast and poorly managed. The four subsidiaries of the company have a tight capital chain and production and operation are in trouble. At the end of November 2015, Xinyu Court accepted the application for bankruptcy and reorganization of four subsidiaries of Saiwei and confirmed that the first creditors meeting was held in March 2016. According to the assets assessment of the first creditors' meeting reported by the media, the total assets of the four companies in the Saiwei Group were estimated to be 12.186 billion yuan. By the time of the second creditors meeting held in August of that year, the total value of the 12.86 billion yuan of the four companies of the Saiwei Group fell to 7.6 billion yuan to 7.9 billion yuan, a drop of 37%. According to the report of Beijing Youth Daily, 12 banks held a total of 27.1 billion yuan in debts of the Saiwei Group's bankruptcy and restructuring company. According to the amount involved, CDB has the largest proportion of credits of 7.256 billion yuan, and CCB, ABC, China Merchants Bank and Minsheng Bank have more than 3 billion yuan of claims. The settlement rate of the creditor's rights held by the above 12 creditor banks was 6.62%-100%, and the total compensation was only about 4 billion yuan. The overall liquidation rate was only about 14.75%. According to the total amount of claims of 27.1 billion yuan, the losses suffered by 12 banks may exceed 23 billion yuan. The settlement plan was voted against by the Bank of China, China Merchants Bank, People's Livelihood, China Everbright and other creditor banks. Regarding the above information, the reporter contacted Xinyu Court for verification, and the staff who answered the phone said that they did not understand the relevant situation. The reporters learned about the above information from China Development Bank and China Construction Bank. The two banks did not receive interviews. As of press time, they were not able to contact other banks for comment. On January 19, Zhu Lixin, a lawyer of Beijing Hanzhuo Law Firm, told the Beijing News that according to the Bankruptcy Law, if some voting groups did not pass the reorganization plan, the debtor or manager could not pass the reorganization plan. The voting group of the draft negotiates, and the voting group can vote again after the consultation. If the draft of the reorganization plan is not passed, or the approved reorganization plan is not approved, the people's court shall decide to terminate the reorganization procedure and declare the debtor bankrupt. Stainless Steel Hose,Stainless Steel Wave Hose,Stainless Steel Material Hose,Stainless Hose Zhejiang minmetals huitong import and export Co., Ltd , https://www.zjminmetals.com
Abstract After the debt crisis of 10 billion yuan fell for 6 years, the bankruptcy reorganization of the former photovoltaic giant Saiwei Group once again ushered in an inflection point. On January 10 this year, Xinyu Intermediate People's Court made a ruling according to the voting results of the creditors' meeting, and approved the LDK Solar High-Tech Co., Ltd. in Jiangxi...