According to the previous relevant information, Lifan Holdings currently holds 6,654,380,900 shares of Lifan, a listed company, accounting for 47.08% of the total share capital, and is one of the largest shareholders of Lifan. According to the survey data, Lifan Holdings was founded by shareholders Yin Mingshan, Chen Qiaofeng, Yin Xidi and Yin Suowei, and it is one of the core enterprises of Lifan.
The bankruptcy form that Lifan Holdings applied to the court this time is "bankruptcy reorganization". According to experts, the so-called bankruptcy reorganization is actually a kind of bankruptcy in a broad sense. It is a legal system that aims at enterprises that may or have gone bankrupt but have the hope of preserving value and regenerating, reorganizes their business and adjusts their debts with the participation of interested parties under the auspices of the court, and helps debtors get rid of financial difficulties and restore their business ability.
According to industry experts, this system has been recognized by the whole world as the most comprehensive, active and effective legal system to save troubled enterprises and prevent bankruptcy and liquidation. If bankruptcy liquidation is to end the life of "patients", then bankruptcy reorganization is to save "patients".
People in this industry gave an example of the image of a car prophet. Suppose enterprise A enters the bankruptcy reorganization stage due to poor management, and owes 654.38+billion yuan to five enterprises B/C/D/E/F, but only 654.38+billion yuan is liquidated for all assets of A. If the above five enterprises choose bankruptcy liquidation, that is, according to the proportion of creditor's rights, creditors will not get their due rights; However, if the creditors choose bankruptcy reorganization at the suggestion of relevant institutions, give enterprise A a certain operating time and stipulate that enterprise A will repay its debts in batches in the future, it will be beneficial to the operation of enterprise A and the creditor's rights interests of the five enterprises.
Compared with the traditional bankruptcy liquidation, the significance of bankruptcy reorganization system lies in increasing the chances of enterprises on the verge of bankruptcy to regain their vitality and reducing the losses of creditors and shareholders of investment debtors.
People in related industries pointed out that Lifan's enterprises are suffering from sustained losses, high debts, overdue large debts and frozen large assets, and it seems difficult to pay off debts in the short term. However, Lifan's motorcycle business foundation is still strong, and Lifan shares also have the shell of a listed company, which has certain restructuring value and possibility.
Lifan and relevant institutions in Chongqing did not work hard for the difficulties Lifan is facing before bankruptcy and reorganization. 20 19, 10 In June, the Chongqing Municipal Government called the local financial office and creditors of relevant banking institutions to help Lifan set up a debt committee, requiring all relevant banking financial institutions to "not lend, not press loans, and keep loans" in Lifan at this stage. Subsequently, Lifan Holdings also confirmed to the relevant media that Lifan is actively resolving the debt crisis and is also actively paying off non-bank debts (previously owed by the trust).
Relevant analysts believe that the purpose of setting up the debt committee is to make banks act in concert and plan Lifan's debt as a whole. However, under the current circumstances, it seems that the relevant banks cannot plan Lifan's current debt as a concerted action.
After inquiring, the car prophet found that Lifan Holdings did not disclose its bank debts, but from the previous disclosure of Lifan, at least 25 banks were providing credit support for Lifan. According to the semi-annual report of 20 19 of Lifan shares and bonds, as of the first half of 20 19, Lifan shares and bank loans were1278.2 billion yuan and loans from non-bank financial institutions were 10486 million yuan.
The above report shows that as many as 25 banks have provided credit to Lifan, with a total amount of 65.438+02.566 billion yuan, while the unused amount is only 450 million yuan. Among them, Chongqing local banks only have Chongqing Bank and relevant branches of Three Gorges Bank.
According to relevant sources close to Lifan, the above-mentioned credit line was reached from mid-20 18 to mid-20 19, and most of them were granted by relevant departments in Chongqing. The purpose is to solve Lifan's shortage of funds through credit granting and help Lifan tide over the difficulties.
However, the credit as high as 654.38+025 billion did not make Lifan return to blood and get out of the predicament. For the whole year of 2065438+2009, Lifan achieved revenue of 7.4 billion yuan, down by 32.35% year-on-year, net profit attributable to shareholders of listed companies was 4.68 billion yuan, and profit for the same period was 252 million yuan. In the first quarter of 2020, revenue was 560 million yuan, down 74.88% year-on-year. The net profit loss attributable to shareholders of listed companies was 65.438+0.97 billion yuan, while the loss in the same period was 0.97 billion yuan, which further expanded.
Although Chongqing has given Lifan enough support and time, it seems that most banks located outside the province are not interested in the relevant contents previously coordinated by Chongqing. After most of the creditor's rights and debts expired, Lifan failed to let the banks see the hope, and the related creditor's rights turned into collection, which is also the deep-seated reason why the Debt Committee failed to resolve the debts as scheduled, analysts said.
"Both banks and local governments have actually done what they should do, but the complexity of Lifan's situation really exceeds the imagination of the outside world," a local source in Chongqing told Automotive Prophet.
In this context, the bankruptcy reorganization of Lifan Holdings is actually a case in which Lifan chose the last fight when external assistance failed. According to the announcement issued by Lifan, the bankruptcy reorganization is that Lifan Holdings applied to the Fifth Intermediate People's Court of Chongqing (hereinafter referred to as the "court") for judicial reorganization on the grounds that it could not pay off its debts due and its assets were insufficient to pay off all its debts.
"The official documents of enterprise bankruptcy are very strict," the professional told Automotive Prophet. If the bankruptcy reorganization is requested by the creditor, then the official document will be expressed as that the creditor filed bankruptcy reorganization with the court. "This bankruptcy reorganization is obviously the initiative of Lifan Holdings."
Automobile Prophet saw in the relevant materials released by Lifan Co., Ltd.10 in July that Lifan Industrial Sales, Lifan Financial Leasing and lifan motorcycle Production and Marketing all put forward the requirements for bankruptcy and reorganization of Lifan Holdings in the bankruptcy and reorganization opinions submitted by creditors to the court.
On the one hand, the parent company submitted an application for bankruptcy reorganization to the court, on the other hand, the non-controlling Lifan creditor company submitted bankruptcy reorganization to the court. The debtor and the debtor unanimously decided to submit bankruptcy reorganization to the court. Relevant observers have boldly speculated that Lifan has realized that it is difficult to get Lifan out of the predicament with the help of the Debt Committee and external assistance. Perhaps the only way is to scrape the bones and cure the poison, put aside the debt and start over. "This bankruptcy reorganization is actually a self-rescue operation run by Yin Mingshan, but this self-rescue is full of the flavor of last resort".
However, some people are worried about Lifan's self-help action in the last battle. "Not to mention whether it is possible for Lifan to improve its operation under the change of market environment, bankruptcy reorganization is an extremely long process". According to industry observers, Lifan shares involve a large number of creditor's rights and debts, and it may take a lot of time to sort out the debts. Once the reorganization fails, Lifan shares will irrevocably enter the final bankruptcy liquidation.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.