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After three months, the restructuring plan of the huge group has finally been finalized!

On December 11, the huge Group issued a notice saying that the Intermediate people's Court of Tangshan City, Hebei Province approved the "huge Automobile Trade Group shares."

Limited company restructuring plan "and terminated the huge Automobile Trade Group Co., Ltd. Restructuring process, officially entered the restructuring implementation stage.

According to a 38-page restructuring plan, the total book assets of the giant group are 30.2 billion yuan. According to the market value method, the total evaluation value is 9.766 billion yuan. According to the liquidation value method, the total evaluation value is 5.017 billion yuan.

Among the declared claims, the total amount of claims verified by the first creditors' meeting and confirmed by the Tangshan Intermediate people's Court is 16.97 billion yuan; among the declared claims, it has been examined and confirmed by the manager. the total amount of claims that need to be submitted to the creditors' meeting for verification and confirmed by the court is 505 million yuan; according to the investigation by the manager, the total amount of claims of the staff and workers of the giant group is about 56 million yuan, totaling 27.28 billion yuan.

From the point of view of the book, the large group has more assets than debt, but from the market capitalization assessment, the large group is insolvent, and its operation and finance are in crisis.

According to the "solvency Analysis report" issued by the evaluation institution, such as the bankruptcy liquidation of a large group, assuming that its property can be realized at the assessed value, the proportion of ordinary claims in the state of bankruptcy liquidation of a large group is 11.20%. However, there is still a lot of uncertainty in this proportion, and the proportion of ordinary claims in the actual bankruptcy liquidation of a large group is not optimistic than the above estimate.

Therefore, bankruptcy liquidation is not the best choice for creditors and shareholders. In order to save the large group and avoid its bankruptcy liquidation, the investors and creditors need to share the cost of company rebirth, and the restructuring plan also arranges to adjust the rights and interests of the investors of the large group.

According to the plan, on the basis of 6.538 billion shares of the existing total share capital of the giant group, the capital provident fund will be implemented in the proportion of 5.641598 shares for every 10 shares, with a total increase of about 3.689 billion shares. After the increase, the total share capital of the large group will be increased from 6.538 billion shares to 10.227 billion shares.

A restructuring investor shall not transfer its large group shares to a third party other than a related party within three years from the date of transfer of shares; other transferees shall not transfer their large group shares within six months from the date of transfer of shares.

As the actual shareholder of the company, Pang Qinghua should bear the main responsibility for the operating losses of the huge group. for this reason, Pang Qinghua and his associated natural persons will transfer their 2.106 billion shares of the company free of charge, and the restructuring investors and their related parties will be conditionally transferred. Pang Qinghua and associated natural persons will withdraw completely from the listed company.

In addition, according to the situation of idle assets, the huge group will activate idle assets in different ways such as leasing, selling and cooperative development according to local conditions, improve asset liquidity and capital use efficiency, and optimize brand and operating network structure.

Restructuring investors promise that the net profits belonging to the owners of the parent company in 2020, 2021 and 2022 will be no less than 700 million yuan, 1.1 billion yuan and 1.7 billion yuan respectively, and the cumulative profit in three years may reach 3.5 billion yuan. If the profit standard is not met, the large group will make up in the form of cash.

After obtaining the approval of the reorganization of the Intermediate people's Court of Tangshan City, Hebei Province, the huge Group will strive to complete the reorganization implementation procedures by December 31.

It is understood that due to the market downturn, financing deterioration and other adverse factors, the huge group suffered huge losses in 2018. Data show that the company's annual revenue in 2018 was 42.034 billion yuan, down 40.37% from the same period last year; net profit was 6.155 billion yuan, plunging 3003.23% from the same period last year. In the first three quarters of this year, the operating income was 16.11 billion yuan, down 56.44% from the same period last year; the net profit loss belonging to shareholders of listed companies was 2.071 billion yuan, down 783.90% from the same period last year.

Losing the ability to repay debts under huge losses, on May 13 this year, Beijing Jidongfeng Company applied to the court for restructuring of a huge group; on September 5, the Tangshan Intermediate people's Court, based on the application of Beijing Jidongfeng Company, considered that the giant group met the conditions for reorganization and ruled on the case of huge group reorganization.

Although the huge group restructuring plan has made substantial progress and ushered in a glimmer of life, it is still unclear whether the new plan can lead the former king of 4S stores out of the predicament.

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