On March 14, Qingdao Double Star Co., Ltd. officially announced that it will take 890 million “taken” Shandong Hengyu Technology Co., Ltd. This explosive news caused a hot discussion in the industry. Recently, Qingdao Double Star disclosed this to China Rubber. Some details of the second most important acquisition.
Why is it 899 million yuan?
Qingdao Double Star said that since Hengyu Technology was ruled by the Guangrao Court to enter the bankruptcy reorganization process, the company showed great interest in the latter. On February 25, Hengyu Technology sent all interested investors. The letter of notification requires the parties to submit a specific investment plan, and the offer price must not be less than 897 million yuan, otherwise it will be regarded as invalid.
Qingdao Double Star's reorganization platform, Jixing Tire, after careful evaluation of Hengyu Technology's land and equipment, determined that the market valuation of all assets of the latter was 1.229 billion yuan, and Jixing Tire was submitted with a price of 899 million yuan. The investment plan was finally won by the comprehensive review of the relevant parties.
How to repay the Hengyu Technology debt?
"China Rubber" learned that as early as July of last year, Guangrao Court allowed all creditors of Hengyu Technology to declare their claims within a certain period of time. After the formal reorganization, Qingdao Double Star and Hengyu Technology Managers will submit claims. The compensation plan, 899 million yuan of capital injection will be paid according to the plan to pay off Hengyu's liabilities.
According to the person in charge of the case, Hengyu Technology is currently in an insolvent position with a total debt of 695 million yuan. However, for Qingdao Double Star, it may not be necessary to provide nearly 700 million funds to pay off debts, due to policies, etc. Support, double-star debts that can be reduced or exempted in this reorganization plan, and the double-star bonds that are not declared on time are not paid off.
Will Hengyu Technology disappear?
Qingdao Double Star said that as the restructuring investor of Hengyu, the company will have the ownership of the latter in two ways. In the first way, the legal person qualification of Hengyu Technology will be retained, and Qingdao Double Star will receive 100% of its equity. Yu Technology will be integrated into the assets of listed companies.
The second type of reorganization is different. Qingdao Double Star will acquire the ownership of the latter assets by means of purchase, namely Hengyu’s land, real estate, machinery and equipment, intangible assets, long-term investment and other assets. Hengyu under this acquisition method Technology retention and otherwise question marks.
Qingdao Double Star said that the draft of the reorganization plan is responsible for the formulation and implementation of the manager. There is still some uncertainty in which way to proceed, and it is necessary to wait for the announcement.
Reconstructing the meaning of Hengyu Technology
Qingdao Double Star said that the integration and restructuring of the tire industry is the trend of the times. After the integration of Hengyu Technology's high-quality assets, Double Star can take the opportunity to cut into the “tire capital”. The local production base can give full play to the regional advantages of Guangrao and enhance the domestic market. Market share and radiation overseas.
In addition, due to repeated relocation actions in recent years, Qingdao Double Star has been unable to start construction due to multiple production lines. This acquisition of assets is of great significance for maintaining market share and meeting market demand, and Hengyu Technology can be completed after filling in. The production capacity of 800,000 sets of all-steel tires and 10 million sets of semi-steel tires meets the planning requirements for production capacity.