The ruling shows that the assets of Brilliance Group are not enough to pay off all debts, and it has 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.
In this regard, Brilliance Auto said that this restructuring only involves the independent brand sector of the group headquarters, and does not involve listed companies under the group and joint ventures with BMW and Renault.
It is understood that Brilliance Auto is a key state-owned enterprise under the State-owned Assets Supervision and Administration Commission of Liaoning Province, which owns four listed companies: Brilliance China, Jinbei Auto, Shenhua Holdings and Chen Xin CLP Holdings. There are three independent brands, China, Jinbei and Song Hua, and two joint venture brands, BMW Brilliance and Renault Brilliance.
After the release of the civil ruling, Brilliance China announced that as of the date of this announcement, the company's business was operating normally. The company will continue to pay close attention to the progress of the incident and fulfill its information disclosure obligations stipulated in the Listing Rules and the Securities and Futures Regulations in a timely manner.
Shenhua Holdings and Jinbei Automobile said that Brilliance Group, as the indirect controlling shareholder of the company, the restructuring plan may have a certain impact on the company's shareholding structure. But the company has an independent and complete business and the ability to operate independently. The reorganization of indirect controlling shareholders will not affect the daily production and operation of the company. As of the disclosure date of the announcement, the company's production and operation are normal.
Renault Brilliance, a joint venture company, said that the company is an independent legal person and is currently operating normally. At the same time, Renault Group has a long-term development strategy in China, committed to the development of the China market, and committed to supporting Renault Brilliance.
It is understood that the ruling of Shenyang Intermediate People's Court is mainly aimed at the bankruptcy and reorganization appeal of Brilliance Automobile applied by Gezhi Automotive Technology. Gezhi Automotive Technology believes that Brilliance Auto can't pay off due debts and its assets are not enough to pay off all debts, so it has high restructuring value.
According to the announcement previously issued by Brilliance Auto, at present Brilliance Auto has constituted a total debt default of 6.5 billion yuan, and the total overdue interest is 65.438+0.44 billion yuan.
At the same time, according to the semi-annual report of Brilliance Group bonds in 2020, the total liabilities of the group are132.8 billion yuan, and after deducting goodwill and intangible assets, the asset-liability ratio is 765.438+0.4%. Among them, interest-bearing debt reached 44.578 billion yuan, accounting for 69.46% of the consolidated statements, short-term interest-bearing debt reached 28.25 billion yuan, and the short-term cash debt ratio was only 0.48.
It is generally believed in the industry that the increasing marginalization of Brilliance Auto has a lot to do with the weakness of its own brands. Brilliance Auto has been relying on the joint venture BMW Brilliance for blood transfusion. If the investment income brought by BMW is excluded, Brilliance China will lose money year after year.
However, some insiders pointed out that although Brilliance Automobile has bankruptcy reasons stipulated in the Enterprise Bankruptcy Law, as a key enterprise in Liaoning Province, Brilliance Automobile will not go bankrupt and liquidate, and it is very likely to be reborn under reorganization.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.