Polaris solar PV net news: reporter was informed that since the second vote was not a secured creditor groups and ordinary creditor’s rights group, LDK Solar reforming receiver in Xinyu city, has been submitted to the force approved, and Xinyu Yuan at the end of September in overhaul of the 3 companies make strong the Conference decision, transmitted to the credit line after civil order.
The award, in Xinyu city, argues that debtor is successful in favor of resolving the debt crisis, “help to promote and enhance the development of PV industry in Jiangxi province and the country, and to maintain and increase employment, is conducive to social stability.”
Last November, the Xinyu City Intermediate Court announced that the LDK 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.
In addition to company without restructuring conditions outside the bankruptcy liquidation, the remaining three companies restructuring plan due out in August of this year. Displays, photovoltaic Silicon ordinary creditor’s rate is about 11.5%, high-tech 6.6%, technology (Xinyu) is 3.4%, these 3 companies of financial creditor’s rights were 7.7 billion yuan and 16.5 billion yuan and 2.83 billion yuan.
Overall, 3 companies financial debt combined average discharge rate of 14.75%, this means that loss or claims subsequent confirmation up to 23 billion yuan. There is no doubt that the restructuring proposal in the first round of voting that followed was rejected by the majority of creditor banks.
In early September, three companies of the insolvency administrator will fine-tune the reorganization plan being sent in mail to the creditor’s rights and demanded debt within 7 days after receiving the voting tables vote on the amended draft.
At the time, the move has upset most creditor banks. In accordance with the relevant provisions of bankruptcy law, not by the vote on the draft plan for reorganization group vote again has not adopted the draft restructure plan, but it complies with the relevant conditions, managers may report to the local court decision approving.
And the end result also shows that the credit line in mid-September in a new round of voting still cast a negative vote, a secured creditor groups, the common claims there were no through reforming programme.
The reorganization plan approved by the Court, and shall be binding on all the creditors of the debtor. In other words, the creditor banks had no room for more choices.
In Xinyu City homes because they will be held after sending civil award to the credit line, contact the claims line reported to the head office, head office departments decision making takes time, therefore claim how to respond remains to be seen.
But creditors said acceptance of the Court’s ruling on the one hand, prepare the subsequent debt-for-equity work prepared on the other, due to the large loss claims, consequences could be financing channels, such as the final game in the interbank market the group closed the door; in addition, some claims in Xinyu area credit policy may add a “spell”.
Original title: top court sinovideo restructuring programmes approved claims recognized losses or the CD up to 23 billion