LDK overhaul ran aground again the second round voting creditor banks waiting

Polaris solar PV net news: after the second vote failed, LDK where bankruptcy reorganization will go, there is still no conclusion. LDK insolvency representative also said at the meeting “also let”.

After the second round of voting, restructuring scheme is not adopted by the secured creditor groups and ordinary creditors group, LDK reorganization plan ran aground again.

Last November, announced in Xinyu city, Jiangxi province, Sunway group PV silicon, polycrystalline silicon, high-tech, high-tech (Xinyu) four companies in bankruptcy reorganization. Insolvency liquidation group established by hi-tech development zone, Xinyu city post.

Apart from polysilicon to bankruptcy liquidation, but the remaining three corporate reorganization plan due out in August of this year, but in the first round of voting that followed was rejected by the majority of creditor banks.

In September, the modified restructuring programme again only details sent to the creditor’s rights group. However, after a new round of vote after the vote, secured creditor groups and common claims there were no through reforming programme.

Now leaving sinovideo road throughout much of the insolvency assignee, re-recruitment of strategic investors to put forward a new plan after roads blocked, the popular social restructuring cases is of concern to most creditors won’t face the “intensity CD”, or terminate restructure procedure directly into liquidation, has yet to be announced.

Second round of voting has not yet adopted

According to a participating Bank introduced on September 28, “yesterday (September 27), the Manager communicated to the creditor representatives at the meeting of the results of, and exchanged views with members. But for reforming how the second round of voting after the failure of the follow-up procedures, made no mention of the Manager. ”

Indeed, the vote was not adopted, still associated with the restructuring programme has not yet reached creditors expected.

It is understood that the 27th Conference, most creditor banks to raise equity liquidation claims questioned “programme by increasing stock as a way to repay the debt, there are obstacles in the law. Limiting commercial banks, banks became shareholders in other companies. ”

High-tech overhaul showed that property of the debt is not secured claims and common claims more than 10 million Yuan, into a new energy to the above-mentioned issue equity to pay off the creditors, payment for 48 months (limited period) may be traded or transferred.

42nd of the Bank Act provides that the borrower does not return the loan, commercial bank legally entitled to demand that the surety loan principal and interest or in respect of the collateral priority right to be repaid. Obtained commercial mortgage, pledge of real estate or equity, shall be made within two years from the date of the disposition. Article 43rd provides that commercial banks in the People’s Republic of China territory shall not engage in trust investment and stock business, and not to non-private real estate investments or investing in non-banking financial institutions and enterprises, except as otherwise provided.

One financial industry insiders said in Shenzhen, “which is currently the largest debt-for-equity barrier, steel in a debt-for-equity has also taken a long time to get approved, requires special approval of specific projects. ”

It is understood that this round of voting is on the Mid-Autumn Festival (September 15) from sinovideo insolvency representative organizations, and various creditor groups voted by mail vote. Previously on August 15 in the first round of voting, ordinary creditor’s rights groups because of the liquidity ratio is too low, was opposed by most of the creditor banks.

“In fact, into new energy will be resumed next month, will increase need to be accredited by the Commission, which has not much time left for a reorganization plan. “These creditor banks said.

28th, reached by phone, LDK insolvency administrator Deputy team leader, but failed to connect. Text messages send the outline of the interview cannot be obtained prior to the deadline for reply.

Strong cutting or bankruptcy?

After the second vote failed, LDK where bankruptcy reorganization will go, there is still no conclusion. LDK insolvency representative also said at the meeting “also let”.

In accordance with the relevant provisions of the bankruptcy law, some voting groups vote has yet again by the reorganization plan (draft), but that the reorganization plan (draft) comply with the conditions prescribed by section 87th of the enterprise bankruptcy law, companies can apply for court approval of the reorganization plan (draft).

South Zhuo Cheng Li Zhongwen law presented to the 21st century business Herald reporter, “after the second round of voting, there will be no new vote. Top management person may submit to the Court for adjudication. But strong condition also has some of the CD. Including common claims the liquidity ratio, not less than the liquidation procedure, such as the availability of liquidity ratio. In fact, Du Wanhua branch of the Supreme Court had repeatedly mentioned in his speech, the Court should be used with caution to force implementation of the restructuring programme, respect for the laws of the market. Restructuring cases are rarely strong Conference in recent years. ”

“In this case, the secured creditor groups voted against it, this Court strongly cut can be risky. Because the secured claim is mainly financial institutions, once the strongest Conference later, financial institution does not meet the right of discharge is difficult. The biggest constraint is the top court discretion, for new investors is the biggest constraint. “Li Zhongwen lawyer said.

In addition, Li Zhongwen lawyers have proposed a new solution, “during the time of restructure under Manager or re-recruitment of strategic investors, if new strategic investor scheme creditor protection more fully, you can also choose. Due to market principles of law of bankruptcy restructuring now, and then select investors can come in. ”

However, according to the economic information daily quoted one of the creditor banks said before the Festival, Jiangxi provincial government finance office sinovideo bankruptcy reorganization work coordination meetings were held once again, requires creditor banks to support sinovideo bankruptcy reorganization plan. “According to the meeting’s spirit, LDK bankruptcy reorganization plan and the selection of strategic investors almost certainly irreversible, three companies goes to court to force decisions can be said to be foregone. ”

“There is only fine-tune existing programmes, but this does not in anyway to get our consent. “The participating members of the creditor banks said.

Pursuant to the enterprise bankruptcy law, draft reorganization plan was not adopted and is not in accordance with the provisions of law 87th approved (high cut), or has been approved the reorganization plan was not adopted, the people’s Court shall make a decision to terminate procedure and declare the debtor bankrupt.

“Rounds down, we have more and more frustrated, the local government-led restructuring, in reconciling the interests of all parties and in accordance with market-oriented way, now we can only wait for the results. “These persons participating creditor banks said.

Journalist Group reorganization update will continue to focus on game development.

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