The bankruptcy case of 10 billion debt or transfer machine subsidiary of Kingway energy was accepted

 The bankruptcy case of 10 billion debt or transfer machine subsidiary of Kingway energy was accepted

At present, the company has not received formal legal documents, but they can be found on the courts website. If the court decides that watma goes into the bankruptcy liquidation procedure, it will have a positive impact on the resolution of the current debt crisis the company is facing, the relevant head of jianruihuaneng told Securities Daily

According to the announcement, Shenzhen intermediate peoples court preliminarily found out that watma is still in operation, with more than 800 employees and about 19.7 billion yuan of external liabilities, including about 5.4 billion yuan of debt owed to 559 suppliers. The companys existing assets are construction land (59030.15 square meters) located in Kengzi street, Pingshan District, Shenzhen City, as well as foreign equity investment, vehicles, inventory, machinery and equipment, accounts receivable, etc.

The bankruptcy of the enterprise is mainly due to the inability to pay off the debts due, and the assets are not enough to pay off all the debts or the obvious lack of the ability to pay off the debts. In an interview with Securities Daily, Tong Tiehan, an expert in finance and taxation and a visiting professor at the school of international business of Northwest University, said that the causes of the appearance of enterprise bankruptcy are the poor hematopoiesis ability of the enterprise, the inability to pay off the debts due due due to the lack of capital flow, and the deep-seated reasons are mainly caused by improper merger and acquisition, blind expansion, over borrowing, poor management and management confusion There is a problem with funding.

According to the public information, watma is one of the first domestic enterprises that successfully researched and developed new energy vehicle power batteries and took the lead in realizing large-scale production and batch application, ranking among the top three power batteries in China. In 2016, genravonon acquired watma. But after 2018, Waterma was in a debt spiral. In April 2018, jianruihuaneng announced that the company had overdue debts. Since 2017, the company has been losing money.

In Tong Tiehans view, after the court accepted the bankruptcy case, it means that the operation of the enterprise has entered a special stage. Once the bankruptcy and liquidation are completed, the external debts and related lawsuits of the enterprise can be completely eliminated, which may be a relief, or an opportunity for Phoenix to make a Nirvana and revive. On the other hand, creditors can recover funds according to their own shares through the final bankruptcy liquidation. Of course, the problems and impacts of an enterprises bankruptcy on the original investors, creditors and other enterprises are worth summarizing and thinking.

In terms of the current situation of genravonon, bankruptcy reorganization may be a suitable way for the company to save itself at present. Feng Jianjun, an associate professor of the school of civil and commercial law of Northwest University of political science and law, said in an interview with the Securities Daily that once entering the bankruptcy restructuring phase, the current difficulties faced by the parent company of Waterma, Jianrui Huaneng, will usher in a turnaround. If the debt restructuring of Jianrui Huaneng is successful, it will be able to put on the line lightly and promote the progress of introducing strategic cooperation.

This requires all parties to find the reorganization resources as much as possible, and formulate an effective reorganization plan, which is a legal document to restore the business vitality of the debtor and guarantee the realization of creditors rights. Feng Jianjun said so.

At the same time of the announcement that the bankruptcy case was accepted by the court, jianruihuaneng also released the progress announcement on the introduction of strategic investors.

Since the outbreak of the debt crisis, the company has been looking for various ways to help itself. The person in charge of the above-mentioned jianruihuaneng told Securities Daily that since the company has entered the reorganization procedure, the introduction of strategic investors by the company needs to carry out relevant work according to the progress of the reorganization procedure. If the companys property, business affairs change or equity and debt adjustment are involved, the procedures of making, submitting, voting and implementing the reorganization plan in the reorganization procedure will be adopted in accordance with the law Conduct.

If the debt problem cannot be solved smoothly, it will have an adverse impact on the companys introduction of strategic investors, which may lead to the final failure of the implementation of the matter, said the companys head

Source: responsible editor of Securities Daily: Yang qian_nf4425