18 companies Suzhou Association protest against the GCL programme of reforming Suri

Arctic star solar PV network news: October 14 at 9 o’clock in the morning, solar, and Oriental day liters, and days Dragon photoelectric, and cross shop East magnetic, and Zhejiang Crystal section, and family real estate, 18 home listed company and well-known company, in solar of convened Xia mihui Suzhou, held “Super day bankruptcy case part general creditors Conference”, discuss on to Association Xin PV mainly of restructuring Shanghai Super day programme of crusade matters. The reporter, all live.

Artes Shao Lizhi, Director of Justice, under the auspices of the Conference, each company representative or after lawyers thrash, carried out in small groups, eventually in the form of four groups were submitted separately to the host “programme of action”. After a round of brainstorming, 18 enterprises submitted by the four groups of programmes of action, examine, discuss and eventually agreed on the follow-up programme.

18 companies will form two teams, one is composed by five companies of lawyers lawyers, and GCL solar, the Shanghai Municipal Government, the Shanghai hospital in various forms of dialogue, set up another task force on 23rd Court judgment, planning a series of targeted actions.

Reporters at the scene of the meeting was informed that, 18 cases of restructuring of companies is not to negate the GCL solar, but focuses on debt issues. According to GCL solar draft restructuring, creditors of debts at less than 200,000 yuan, will be paid in full, but more than 200,000 are “one size fits all”, as little as 20%. A case study of listed companies rising in the East, the company has debt amounts to 150 million Yuan to the Shanghai chaori, in other words, if the reorganization plan is adopted by the Court of GCL solar, sunrise in the East can only get 30 million Yuan, and the remaining 120 million dollars will be “wasted”.

In addition, it was field who spoke on behalf of the Conference indicated that their personal or their company’s Chairman, had recently received threatening text messages, send text messages threatening their vote must be cast in favour of the restructuring programme. Delegates were exhibiting had received threatening text messages. One delegate said quizzically, “our phone information so many creditors, what was leaked? Who is capable of once and let out our phone number, but we do not want to suspect colleagues. ”

18 companies reached a consensus of opinion is: GCL solar must raise the proportion of debt settlement. “We understand that we are not rioting, we didn’t expect the debt can be recovered 100%, we also supported GCL solar program for 200,000 yuan in the following scenario for the full settlement of the debt. However, 20% across the Board, we hurt too much, ultimately, is our company’s shareholders interests of the community. “The delegates of a listed company has said.

Jiangyin, a company of persons who attend at the scene revealed that he learned through personal channels, Shanghai chaori listed companies ‘ assets, in the assessment of the opaque, is seriously undervalued, “they have overseas plants commissioned professional management of overseas companies, the sum of 1 billion yuan worth of assets, but was not reflected in the assessment of assets. We have reason to suspect that, during this reorganization case GCL solar, Shanghai chaori was deliberately low assets. ”

In fact, the GCL solar current disclosure of reforming in the draft, did not disclose the evaluation criteria and methods. A’s legal team intends to procedural issues at the meeting, presented to the Court in Shanghai, the Shanghai Municipal Government head-on.

Reporters get the exact message, Canadian solar will be the first released a statement on his website, restructuring case against the GCL solar, followed by participating companies will have released a statement on his website. Finally, 18 companies will also issue a joint statement, more creditors join. Subsequently, 18 companies to also be held in a city not only for news media and large press conferences.

In addition, the meeting formed task force, will also have a series of specific measures to restructure to GCL solar case voiced unequivocal opposition.

Journalists will be reported.

Original title: 18 day of Allied Suzhou ultra restructuring case twists and turns

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