On July 21, according to the information from the National Enterprise Bankruptcy and Reorganization Case Information Network, 12 companies including Brilliance Automobile Group Holdings Co., Ltd. (hereinafter referred to as Brilliance and other 12 companies) held the third creditors meeting of the substantive merger and reorganization case (hereinafter referred to as the three debts). Meeting) will be held on June 30, 2022 to vote on the Substantive Merger and Reorganization Plan (Draft) of 12 Enterprises including Brilliance Automotive Group Holdings Co., Ltd. (hereinafter referred to as the “Draft Reorganization Plan”), and the voting deadline will be extended to July 20 at 18:00.
According to the voting results, the Three Bonds Committee will set up a tax creditor’s rights group, a property-secured creditor’s rights group, and an ordinary creditor’s rights group to vote in groups on the “Draft” of the reorganization plan, and a separate investor group will be set up to adjust the investors’ rights and interests in the “Draft” of the reorganization plan. The plan is voted on.
According to statistics, the tax creditors who voted to agree to the “Draft” of the reorganization plan had 4 votes, accounting for 100% of the votes of the tax creditors present at the meeting, which had exceeded the tax creditors present at the meeting with voting rights. Tax creditors have half of the votes; the amount of claims represented by them is about 193 million yuan, accounting for 100% of the total tax claims and more than two-thirds of the total tax claims.
The secured creditors who voted in favor of the “Draft” of the reorganization plan by the secured creditor group had 12 votes in total, accounting for 92.31% of the votes of secured creditors present at the meeting, which had exceeded the votes of secured creditors present at the meeting with voting rights. Property-secured creditors have half of the votes; the amount of claims they represent is about 2.534 billion yuan, accounting for 87.08% of the total property-secured claims, which has exceeded two-thirds of the total property-secured claims.
The ordinary creditors who voted to agree to the “Draft” of the reorganization plan had a total of 4,052 votes, accounting for 91.61:% of the votes of ordinary creditors present at the meeting, which had exceeded the number of votes of ordinary creditors with voting rights present at the meeting. The amount of claims it represents is about 16.518 billion yuan, accounting for 33.29% of the total ordinary claims, but not more than two-thirds of the total ordinary claims.
The investor group voted to agree to the “Draft” of the reorganization plan, and the voting rights represented by the investors were about 1.074 billion yuan, accounting for 100% of the total voting rights of the investors with voting rights attending the meeting; two-thirds of the total amount of voting rights.
According to the relevant provisions of the “Enterprise Bankruptcy Law of the People’s Republic of China” (hereinafter referred to as the “Enterprise Bankruptcy Law”), the “Draft” of the reorganization plan has not been approved by the Three Debt Committee.
The managers of 12 enterprises including Brilliance stated that in order to protect the fundamental interests of the majority of creditors, the managers will supervise the 12 enterprises including Brilliance to negotiate with the relevant creditors of the voting group that did not pass the “Draft” of the reorganization plan.
It is reported that, according to the relevant provisions of the “Enterprise Bankruptcy Law”, “if part of the voting group fails to pass the draft reorganization plan, the debtor or manager may negotiate with the voting group that has not passed the draft reorganization plan. The voting group may vote again after the negotiation. . The results of the negotiation between the two parties shall not harm the interests of other voting groups.”
Earlier, according to the National Enterprise Bankruptcy Reorganization Case Information Network, at the three debt meeting, creditors voted on the “Reorganization Plan (Draft)”. Before the voting deadline, some creditors said that due to the important voting matters and the long approval and decision-making process, the decision could not be completed before June 30, so they applied for an extension of the voting.
As of the press release of the “Daily Economic News” reporter, Jinbei Automobile (SH600609, stock price of 5.90 yuan, market value of 7.736 billion yuan) fell by the limit; Shenhua Holdings (SH600653, stock price of 2.49 yuan, market value of 4.846 billion yuan) fell 7.09%; Brilliance China (HK01114 , before the suspension, the stock price was 7.300 Hong Kong dollars, and the market value was 36.83 billion Hong Kong dollars) to continue to suspend trading.
Cover image source: Visual China