Peking University Founder said that in order to protect the legitimate rights and interests of all creditors fairly, the administrator intends to invite all creditors of financial institutions to help fill in the questionnaire and cooperate with the collection of appeal information, so as to formulate a reorganization plan that meets the demands of the vast majority of creditors.
Clear property management plan
As founder Industry Holding Co., Ltd., Peking University Medical Industry Group Co., Ltd., Peking University Founder Information Industry Group Co., Ltd., Peking University Resources Group Co., Ltd. and Peking University Founder Group Co., Ltd. are highly related to each other, and the financial situation is seriously confused, and the differentiation cost is too high, the managers subsequently applied for the merger and reorganization of the five companies.
On July 31, 2020, Beijing No.1 Intermediate Peoples court ruled to accept the substantial merger and reorganization of five companies including Peking University Founder, and appointed the manager of Peking University Founder as the manager of substantial merger and reorganization.
According to the reporter of the 21st century economic report, the audit and evaluation institutions have carried out special audit and evaluation on five companies, including founder of Peking University, with January 31, 2020 as the benchmark date. The properties of the five companies are mainly equity and creditors rights, and the property has strong internal correlation.
To be specific, the five companies, including founder of Peking University, are the holding platform, management platform, financing platform and capital dispatching platform of Founder enterprises. Their properties are mainly composed of equity, creditors rights, monetary funds, real estate and intellectual property rights, mainly equity and debt assets.
The preliminary audit results show that the creditors rights assets and equity assets of the five companies, including Peking University Founder, account for more than three quarters of the total book assets. Founders business and assets are mainly distributed in five companies including founder group, including information industry, medical treatment, real estate, trade, steel and other companies.
From the perspective of the composition of creditors rights assets, the creditors rights assets of Beijing University Founder and other five companies are mainly creditors rights to related parties; from the perspective of equity assets composition, equity assets of Founder group and other five companies are mainly long-term equity investment.
This also shows that the property of the five companies has a strong internal correlation, and the operating conditions, profitability and repayment ability of the affiliated companies will also have a great impact on the valuation and recovery of the property value of the five companies such as founder of Peking University.
During the period of reorganization, the property shall be coordinated by the administrator, and classified management shall be carried out according to the property property. During the restructuring period, five companies, including founder of Peking University, will adopt the management mode of manager, who will be responsible for managing the companys property and business affairs. The creditors told 21st century business reporter.
On the operational level, the 21st century economic reporter learned that the managers will continue to employ the management of four companies, including founder of Peking University, to assist the managers in business affairs. The reason is that the industries of five companies including Peking University Founder are involved in information technology, medical treatment, real estate, bulk trade and other businesses, and the operation and management affairs of subordinate enterprises are highly professional.
Payment plan tracking
According to the data disclosed by founder of Peking University, as of October 9, 638 creditors of five companies including Peking University Founder reported 649 claims to the administrator, with a total amount of claims of 231.167 billion yuan.
The reporter of the 21st century economic report learned exclusively that among the 231.167 billion yuan of claims declared, the amount of creditors rights confirmed by the administrator is 136.44 billion yuan, the amount of creditors rights not confirmed yet is 29.021 billion yuan, and there is still 67.512 billion yuan that is not confirmed. Among the 136.44 billion yuan of creditors rights confirmed, 121.57 billion yuan of ordinary creditors rights, accounting for 89% of the total, and the rest are property guaranteed claims.
Now the administrator is asking for compensation plans and opinions, and also gives some options. For example, for the creditors rights secured by property, one-time full cash settlement can be selected within the scope of the evaluation value of the collateral, and the uncovered part shall be compensated according to the ordinary creditors right; or the debt shall be retained according to the evaluation value of the collateral, and the uncovered part shall be compensated according to the ordinary creditors right. An institutional source said.
For ordinary claims, it is more complicated. The 21st century economic report reporter has learned that for the part other than cash settlement, there are options, such as debt retention or debt repayment with shares, and the combination of the two. For debt repayment with shares, there are also conditions for subdivision of the equity part, including whether there is a buyback arrangement, and what form.
It is worth noting that founder of Peking University has also solicited the interest of creditors in terms of increasing the cash settlement ratio or the comprehensive repayment ratio, and whether it is willing to increase the repayment ratio by extending the debt retention period.
Earlier, Founder group of Peking University publicly recruited strategic investors on April 21. Who will become the knight in white has aroused market speculation.
Due to the high proportion of equity and creditors rights in the assets, the equity assets of the listed companies controlled by Peking University Founder group have to be realized to repay debts. After the introduction of war investment, the group level will also sort out the management structure and carry out operation and management or asset transfer of its assets. From the perspective of application conditions, the total assets of war investment in the past year is no less than 50 billion yuan or the net assets are not less than 20 billion yuan, and the relevant industrial fields have advantageous strategic position or rich experience in merger and acquisition integration, which can be appropriately relaxed, which also means that the war investment side should have strong capital strength or have good coordination ability of industrial resources. An analyst at a medium-sized securities firm told the 21st century economic reporter.