Low discharge rate mass opposition by creditor banks sinovideo bankruptcy reforming

Polaris solar PV net news: has attracted wider interest “LDK bankruptcy reorganization case” into overdrive at the moment.

Low discharge rate mass opposition by creditor banks sinovideo bankruptcy reforming regenerator

Because of the many creditors of the banks, in the newly introduced programme questioned the low repayment rate, creditors ‘ collective objections, consider reforming on the interests of the creditors, the reorganization case “to restructure, it is liquidation.”

It has been quite a difficult LDK bankruptcy reorganization case once again deadlocked. Some pessimists worried if LDK bankruptcy reorganization case and ultimately to the judiciary forced decision, which affects the nerves of local leading enterprises in bankruptcy reorganization, and may eventually fail.

In November 2015, once in the global PV manufacturing fame LDK ushered in a moment of fate.

LDK headquarters is located in Xinyu city, Jiangxi province, announced that the Sunway group, which includes the LDK LDK Solar Silicon Technology Limited (hereinafter referred to as sinovideo silicon technology), LDK LDK Solar polysilicon limited (hereinafter referred to as sinovideo polysilicon), LDK LDK Solar company (hereinafter referred to as sinovideo high-tech), the LDK LDK Solar (Xinyu) limited the four company’s bankruptcy reorganization. Reorganization of enterprises in Silicon, wafer, cell and module industry chain. Court announced the result, meant the largest bankruptcy reorganization case in China formally entered into the program.

In May 2016, LDK LDK Solar (Nanchang) Limited (hereinafter referred to as sinovideo Nanchang component factory) also found the bankruptcy reorganization by the Court.

Hi-tech development zone, Xinyu City set up a liquidation team, served as trustee in bankruptcy, by the Jiangxi firm responsible for the insolvency of specific services. According to the economic information daily said this served as administrator of the Government Legal Adviser of the year, Xinyu, Jiangxi is a law firm, participated in various local bankruptcy. Interface information is not of Xinyu City Government declined to comment.

On April 20 this year, Manager investor bulletin published recruitment strategy, a total of 9 investment institutions had submitted letters of intent to restructure.

LDK polysilicon not currently discontinued with restructuring conditions, and the company issued no information to suggest that there was an enterprise application, the company may go bankrupt.

On July 25, China coal of smarter energy and chemical group into a new notice saying, will be 300 million and 550 million yuan in cash, plans to restructure high-tech, high-tech (Xinyu) two (silicon wafers and cells). The company is still in suspension.

Korea’s second largest silicon material production enterprise Sheehan of Suzhou trading company intends to restructure its LDK silicon technology; LDK Nanchang component plants currently claims and verification phase, the Manager has not yet been formally published investor recruitment announcement.

These strategic investors, the rationalization of programmes have been determined, LDK bankruptcy reorganization plan represented an important step forward.

According to the restructuring programme, LDK silicon, sinovideo PV silicon, and reform the game more than three companies identified by the managers of financial claims total more than 27 billion yuan. State Bank involved investment of 7.3 billion yuan, China Construction Bank, China Merchants Bank, agricultural Bank of China, livelihood of more than 3 billion yuan.

Public information displays, photovoltaic solar companies, wafer companies and battery companies of ordinary creditor’s rate was 11.84%, 6.78% and 3.4%. Including workers and peasants “in the diplomatic” all large State-owned banks, policy (CDB, import/export line), as well as investment, people’s livelihood and Everbright, China CITIC, and Xinyu 14 banks, rural commercial bank debt totalling about 27.1 billion yuan, these banks only amount to 4 billion yuan to be repaid, the settlement at 14.75%. If the refinement to the more than 1 billion of the creditor banks, in fact the liquidation rate is much lower, most between 6%-9%.

At present, the three subsidiaries of the Sunway Group (, battery and PV silicon wafer company company) the restructuring programme has been released. Second creditors ‘ meeting held on August 15 this year, overhaul vote was negatived. After fine-tuning the restructuring programme again to vote for the first time creditors. However, debt valuation and liquidation of bank interest rates and other key adjustment is not made.

According to the 21st century economic report and the economic information daily and other media reported that the restructuring programme is highly unlikely. Once the restructuring programme was voted again, and the three subsidiaries are likely to enter the Court ruled according to the existing procedures for bankruptcy reorganization plan.

Creditors said the restructuring package rejected, improper asset valuation methods, procedures not rigorous, the reorganization process transparency and management qualifications were questioned, such as multiple reasons, the most important reason is that claims sinovideo corporate restructuring of the photovoltaic industry level of liquidity ratio liquidity ratio dropped significantly.

Bank creditors believe that PV industry downturn in November 2013, the world’s former largest PV Suntech enterprises restructure repayment rate exceeded 30%, shunfeng photovoltaic cost 3 billion yuan billions of liabilities under Suntech; two years ago, led by GCL group chaori solar bankruptcy recovery rate reached 20%. In contrast, photovoltaic industry development environment has a great situation, sinovideo recovery rate has declined substantially, which is the creditor against one of the main reasons.

Insiders also said the overhaul of existing asset valuations in the shrinking, leading to greatly reduce the discharge rate. Under the restructuring programme, bankruptcy reorganization, four companies total valuation is less than 8 billion yuan, down 4.5 billion yuan in the first assessment, fell near 38%.

According to the relevant laws and regulations, if the bankruptcy reorganization plan twice failed the vote, next, there are two possibilities: one is bankruptcy reorganization fails, into bankruptcy and liquidation procedures; second, management people and the debtor may apply to the Court to enforce the bankruptcy reorganization ruled in accordance with the current programmes. Analysis of the industry, from the point of view of stability, for now, the second strongest likely bankruptcy reorganization of the CD.

This bankruptcy reorganization, interface Sunway group, as well as bankruptcy and liquidation group journalists did not get to comment.

Original title: low discharge rate mass opposition by creditor banks big PV sinovideo bankruptcy reforming regenerator

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