Is the most popular Zhejiang Glass restructuring p

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Whether the restructuring plan of Zhejiang glass is seriously "insolvent"

as the first mainland private enterprise to land in the Hong Kong H-share market, Zhejiang Glass (00739, HK), which is in danger of delisting, seems to have less and less hope of reversing its fate

on the morning of March 10, Zhejiang glass held the third creditors' meeting, because most creditors in the ordinary creditor group voted against it, which resulted in the draft reorganization plan not being adopted

"the next plan has not been formally determined yet, and the specific contents will be disclosed in the announcement on the 11th and 12th." After the creditors' meeting, the relevant person in charge of Zhejiang Yueguang law firm, the case manager appointed by the court, told the daily economy about the follow-up plan of Zhejiang glass

the time to "save" Zhejiang glass is less and less. Up to now, Zhejiang glass has entered the third stage of listing and delisting procedures. According to the previous announcement of the Hong Kong stock exchange, if the end of the third phase, it has not submitted any resumption proposal to prove that it has sufficient business operations or has assets of considerable value to meet the listing requirements, the Hong Kong Stock Exchange will cancel its listing qualification on May 6

whether the reorganization plan was rejected/

although the 10th is a rest day, Shaoxing County Court still gathered many creditors from all over the country

since the suspension of trading on May 3, 2010, Zhejiang glass has held two creditor meetings respectively. The contents of the leading creditor meetings mainly include the verification of creditor's rights, and passed a resolution to approve the company to continue its business. At the same time, it reviewed the bidding of reorganizing investors. There are 10 or 6 raising schemes with different widths on the side wall of the disc; At the second creditors' meeting, in addition to the verification of some claims, a vote was also taken on the reorganization investor recruitment plan, but it was not adopted

"the draft of the company's reorganization plan will be voted in groups. If all groups vote, the reorganization plan will be approved, and if one group fails, it means that the whole reorganization plan has not been passed." After the creditors' meeting, the administrator told the daily economy that the next step may be to further communicate and negotiate with the creditors. If the negotiation fails, the court will order Zhejiang glass to carry out bankruptcy liquidation

the draft reorganization plan was not passed, which also raised the concern of the manager, "once the company falls into bankruptcy liquidation, the production equipment will be auctioned and there will be a large" shrinkage ", and the economic compensation of employees and management expenses will rise."

serious "insolvency"/

with the continuous "high building" of Zhejiang Glass debt, many creditors showed confusion about the company's capital flow at the third creditors' meeting

as for the debt faced, the data released by Zhejiang Glass announcement showed that as of the second creditors' meeting (February 4), the administrator had received claims from 247 creditors. At the same time, the creditors' meeting conducted a second check on the claims. After checking the claims of 47 creditors, there was no objection, and the court ruled to confirm them on the spot. The claims declared by 22 creditors were not included in the creditors' meeting of this newspaper for verification due to various reasons

with the creditor's rights confirmed at the leading creditor's rights meeting, the creditor's rights finance confirmed so far totals more than 10 billion yuan

"up to now, the total assets are about 2.5 billion yuan, but the debt is as high as more than 10 billion yuan, with a gap of 7.5 billion yuan." at the scene, a creditor said in an interview with the daily economy that it was precisely because the flow of these huge funds was not clear up to now that he cast a veto

for the gap of 7.5 billion yuan, the manager said in response that the operating expenditure was 8. 600million yuan, investment 5. In addition, it also includes non operating expenses and welfare dividends. The next step is equity investment, of which 4.3 billion yuan has been entered into the account of Guangyu group

as for the flow of funds, the manager said that public security departments and other departments need to intervene in the investigation

it is worth mentioning that according to the announcement of Zhejiang glass, in February 2012, the Shaoxing County Court ruled that the founder of the company, Feng Guangcheng, used the name of Guangyu group and Zhejiang glass to illegally absorb deposits from the public, amounting to billions of yuan, of which the total amount of funds raised but not repaid was about 10. Feng was sentenced to eight years and six months in prison for 48.7 billion yuan

creditor claims/

it is worth noting that in the huge debt structure of Zhejiang glass, there are not only material suppliers, but also banks, overseas investment institutions and government tax departments. At present, a total of 247 creditors are involved

according to the list of creditors published by the court, including the International Finance Corporation, one of the subsidiaries of the world bank, and the banks, including China Construction Bank, Agricultural Bank of China, Huaxia Bank and some local commercial banks

for the reasons why Zhejiang glass is in danger at present, the manager said at the creditors' meeting that there are three main reasons: first, the depression of the macro economy and the glass industry. From 2009 to 2010, the glass production line under Zhejiang glass was worth 3.5 billion yuan, but now it is only 2.2 billion yuan; Second, there are many guarantees involved. Generally, enterprises have not encountered such a large-scale guaranteed debt; The third is Zhejiang Glass's own business factors, because it involves taking deposits from the public, a large amount of funds are used to pay high interest rates, and it is also burdened by foreign investment

daily economy: people who are limited by the flow of oil sources have noticed that what "treasures" are there that can't be missed? 1 Let's take a look at this year's exhibition. At this creditors' meeting, in addition to asking to find out the flow of funds, many creditors also confirmed the current operation status of the company, the pending creditor's rights, Hong Kong stock shell resources and the value of the company's registered trademarks, and some creditors asked to confirm the creditor's rights of its investment project Qinghai soda industry company

the manager said that the company is currently in the third stage of the suspension procedure. If the application for resumption of trading is still unable to be submitted at the end of the third stage, it means that the enterprise that has been listed for 11 years will be officially delisted. Once delisting is carried out, the research project team of Sinoma science and technology support plan has established a technological innovation system with enterprise as the main body, market as the guide, industry, University, research and use collaborative innovation, which will have no commercial value, and for registered trademarks, Not confirmed yet

state owned enterprises try to "take over"/

it is noteworthy that most of the investors recruited in the draft reorganization plan of Zhejiang glass are state-owned enterprises

according to the draft reorganization plan of Zhejiang glass, China Resources Glass Industry Co., Ltd. invested in the float glass project, Shaoxing Chunfeng Investment Co., Ltd. invested in the glass deep processing project, and Shaoxing Chunfeng Investment Co., Ltd. and Shaoxing Yangxunqiao Town Development Co., Ltd. jointly invested in the proposed industrial transfer project

according to public information, China Resources Glass Industry Co., Ltd. is a float glass manufacturing enterprise in Zhangjiagang, Jiangsu Province, while Shaoxing County Chunfeng Investment Co., Ltd. is a joint venture of China's top 500 enterprises Xinghe Group Co., Ltd., Zhejiang Xinda Group Co., Ltd., Zhejiang Chunfeng Group Co., Ltd. and Shaoxing County Shengtai Investment Co., Ltd., which currently has real estate development projects in the location of Zhejiang glass

"daily economy" learned that Xinghe Group Co., Ltd. is a wholly-owned enterprise of Zhejiang supply and marketing cooperatives, which is a state-owned company. At the same time, Zhejiang Xinda Group Co., Ltd. and Zhejiang Chunfeng Group Co., Ltd. are companies under Zhejiang Xinghe group, while Shaoxing Yangxunqiao Town Investment Co., Ltd. is an investment and management enterprise responsible for local urban infrastructure construction

for the next step of Zhejiang glass, the relevant person in charge of the administrator previously told the daily economy that according to the provisions of the bankruptcy law on reorganization, the maximum period for formulating and submitting the draft reorganization plan is 6 months, which can be extended to 9 months in special circumstances. Since Shaoxing intermediate people's court accepted the Zhejiang glass case on June 28 last year, if the reorganization plan cannot be implemented within the next nine months, the enterprise will be directly liquidated. Accordingly, the deadline is about to expire, "we may have to make plans again", the person in charge told

key points of Zhejiang Glass's announcement on March 11

1. If the draft reorganization plan is not approved by the creditors' meeting, the company or the manager can negotiate with the voting group and vote again after negotiation. If the voting group refuses to negotiate, refuses to vote again, or fails to pass the draft reorganization plan after voting again, the local court will terminate the reorganization procedure according to law and declare the company bankrupt

2. The company's float glass assets are entrusted to a float glass production enterprise. The entrusted operation period shall not exceed 6 months, and the profits and losses during the period shall be owned by it. The specific enterprise name will be announced separately

source: Hong Kong Stock Exchange Station

Author: Lin Hui, Chen Weiwei

China glass () Department

Copyright © 2011 JIN SHI