Leifeng.com reported on July 11 that on Monday afternoon, Ziguang Group and its subsidiaries issued an announcement saying that Ziguang Group has completed the company’s equity and new directors, supervisors and general managers in accordance with relevant laws and regulations and the “Reorganization Plan”. Manager’s industrial and commercial change registration procedures.
The two original shareholders, Tsinghua Holdings Co., Ltd. and Beijing Jiankun Investment Group Co., Ltd., all withdrew. ) to take over 100% of the equity of Ziguang Group, and the delivery of the equity of Ziguang Group was successfully completed, marking that the work of the judicial reorganization and implementation phase has entered the final stage, and Ziguang Group has entered a new stage of development.
Relevant information shows that Zhilu Jianguang Consortium is a market-oriented and diversified shareholding platform including state-owned capital. State-owned investors include Guangdong state-owned assets, Hubei state-owned assets, and Hebei state-owned assets. A law firm partner who has been engaged in international semiconductor mergers and acquisitions for a long time said, “Zhiguangxin platform does not have a single shareholder holding more than 50% of the shares. This shareholding structure is similar to the decentralized shareholding structure of international technology giants Microsoft and Apple. It can not only avoid ‘one-word talk’, but also help Tsinghua Unigroup to absorb more power and resources in the future development, and maintain innovation and steady development at all times.”
Looking back at Tsinghua Unigroup’s resolution of the debt crisis to the completion of judicial reorganization, it took more than 20 months.
In November 2020, Tsinghua Unigroup’s long-term disorderly acquisition and expansion, short-term loan and long-term investment, broke out into a serious debt crisis;
On July 16, 2021, according to the application of creditors, the Beijing No. 1 Intermediate Court ruled that Ziguang Group entered into judicial reorganization, and designated a special working team as the administrator for the liquidation team formed by the team.
On December 10, 2021, after multiple rounds of competitive selection, Beijing Zhilu Asset Management Co., Ltd. and Beijing Jianguang Asset Management Co., Ltd. were selected as the “Zhilujianguang Consortium” as the lead parties to select Tsinghua Unigroup as a strategic investor for restructuring ;
On December 13, 2021, the manager and Zhilu Jianguang formally signed an investment agreement and announced the plan. According to the plan, the strategic investor adopts the “survival” reorganization model, and the industrial layout and core technologies accumulated by Ziguang Group for many years can be completely retained; they agreed to pay 60 billion yuan in cash to pay off debts, and also took out three listed companies under Ziguang Group. The tradable stocks with a market value of 23 billion yuan were repaid at the market price, and the remaining part of the debt was finally arranged to be repaid; creditors chose three repayment plans according to their needs, and obtained an ultra-high repayment rate of 95%-100% to maximize benefits.
From January 14 to July 14, 2022, Ziguang Group will implement a six-month reorganization plan and complete the equity delivery as scheduled.
It is reported that this afternoon, the manager of Tsinghua Unigroup has held a handover meeting with Zhilu Jianguang Consortium to fully hand over the license and business management affairs of Tsinghua Unigroup. In the early stage of the war investment, the funds have been fully deposited into the administrator’s settlement account, and Ziguang Group has also sent an email notification to all creditors, informing the creditors that the remaining cash settlement will be paid in full tomorrow (i.e. July 12), and the corresponding funds will be paid in full. It will arrive in the creditor’s account one after another before July 13.
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