The court ruled that Brilliance Group's assets were not enough to pay off all debts, and it had the bankruptcy reasons stipulated in the Enterprise Bankruptcy Law. But at the same time, the group also has the value and possibility of saving and the necessity and feasibility of restructuring.
As early as June 23rd of 10, Brilliance Group issued an announcement to confirm the fact of debt default. Although the announcement claims that "the Group is actively trying to find a solution, I believe Brilliance will actively and properly solve the bond problem", at the same time, the company also admits that there is still great uncertainty as to whether it can raise sufficient funds in time due to the tight liquidity.
Since then, the financial crisis of Brilliance has frequently appeared in newspapers, and one month after the news of "Thunderstorm in Brilliance" came out, that is, the busiest morning of Guangzhou Auto Show Media Day, some media reported that Brilliance Auto would go bankrupt, but Brilliance Auto immediately "denied" everything was normal for itself. Even if it is stormy outside, the company seems to be calm.
No matter how Brilliance argues, it is an established fact that the company's assets are not enough to pay off all debts; In this year's interim report, the company has disclosed that the interest on bank loans is overdue. By the end of 10, the 10 billion private debt issued by Brilliance has been unable to pay the principal and can only pay interest. The danger of debt has once again aroused widespread concern in the industry.
It is worth mentioning that Brilliance Group has always been regarded as a "big enterprise". Through direct or indirect holding and equity participation in four listed companies (two A-share listed companies, namely Shenhua Holdings and Jinbei Automobile, and two Hong Kong-share listed companies, namely Brilliance China and Chen Xin Electric Power), Brilliance China is the most important asset of Brilliance Group. At present, the Group owns three independent brands, China, Jinbei and Song Hua, and established BMW Brilliance through a joint venture between Brilliance and BMW and another joint venture company, Renault Brilliance.
The main points of this bankruptcy reorganization are-
First of all, which departments and businesses of Brilliance participated in the restructuring?
According to the news of Automobile Commune and Xinhua News Agency, this reorganization only involves the group's own brand plate, not its listed companies and joint ventures with BMW and Renault. However, according to the announcement issued by Shenhua Holdings and Jinbei Automobile, the subsidiaries of the Group, these companies still have independent and complete business and independent operation capabilities, and the pace of restructuring of controlling shareholders will not affect their daily production and operation.
Second, how much impact does the restructuring have on BMW Brilliance?
As we all know in the industry, Brilliance is the most important partner of luxury car manufacturer BMW in China market, and BMW Brilliance has always been the most stable profit source of Brilliance. After 20 1 1 year, the annual profit provided by BMW Brilliance to China Brilliance is 17 to 5.5 billion yuan, accounting for 94.9% to1/9.6% of the latter's net profit. That is to say, excluding BMW Brilliance, other businesses of Brilliance China started from 20 12.
BMW said on Tuesday that it has no plans to increase its stake in BMW Brilliance at present, although Brilliance Group, the parent company of Brilliance, which is deeply in debt crisis, has been pushed to bankruptcy and reorganization.
In 2065438+2008, BMW signed an agreement with Brilliance China to acquire 25% shares of BMW Brilliance for 3.6 billion euros. After the acquisition, BMW will increase the equity of the original joint venture company from 50% to 75%, with a decisive voice. However, since the creditors of Brilliance Auto have applied to the court for restructuring, investors question whether the transaction can continue.
A representative of BMW issued a statement to Reuters by email on Tuesday. For BMW, there is no indication that the validity of the previous contract will be limited by the current situation of Brilliance's parent company, and the operation of BMW Brilliance will not be directly affected by Brilliance's debt.
Brilliance Group is a state-owned enterprise in Liaoning Province. A source close to the Liaoning government department told Reuters that the government wants BMW to increase its stake in the joint venture company and expand its local production capacity as planned.
Some industry analysts believe that according to the terms of the contract, 50% of the shares are not directly held by Brilliance, but jointly held by Brilliance and its parent company. In addition, even if Brilliance Group goes bankrupt or transfers its equity, the overall operation of BMW Brilliance is protected by law.
Some sources also said that Brilliance Auto may be privatized in the future, but it is not expected that this will affect BMW's plan to increase its shareholding.
According to the information disclosed by Brilliance, up to now, banks account for the vast majority of default debts, with the amount of loan principal and interest reaching 4 billion yuan, bonds and trusts reaching 654.38 billion yuan and 964 million yuan respectively, and the amount of financial leasing companies reaching 65.438+0./kloc-0. 40 billion yuan.
It is reported that under the organization of Liaoning Banking Association, the creditor committee of Brilliance Group and its affiliated companies was established on August 7 this year. Brilliance Auto has indicated in the announcement that China Everbright Bank is currently the main lead party of the debt committee.
Text/North Shore
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