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Weimar bankruptcy reorganization was accepted by the court, official response

2024-07-14 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)03/03 Report--

According to Tianyan investigation information, on January 2, Weima Automotive Technology Group Co., Ltd. added a bankruptcy case, the applicant is the company, and the handling court is the Shanghai third Intermediate people's Court.

In response, according to Weima Group's application, the Shanghai No. 3 Intermediate people's Court accepted Weima Group's application for pre-restructuring on October 7, 2023, Weima Automobile said in a statement on its official Weibo today. During the pre-restructuring period, Weima Group has completed audit evaluation, claims declaration, asset verification and other work, and contacted a number of prospective investors to achieve preliminary results. In view of this, Weima Group formally submitted its application for pre-reorganization and reorganization to the Shanghai No. 3 Intermediate people's Court on December 13, 2023. On December 29, 2023, the third Intermediate Court of Shanghai ruled to accept it. The Civil order was delivered to Weimar Group on January 2, 2024.

In October 2023, Weimar Automotive Technology Group Co., Ltd. filed for bankruptcy reorganization, and the applicant was Weimar itself. The handling court shall be the Shanghai No. 3 Intermediate people's Court. The next day, Weimar responded that the company had not filed for bankruptcy, but was undergoing a pre-restructuring in an attempt to introduce strategic investors through debt restructuring. It is understood that pre-reorganization means that before the debt enterprise enters the legal reorganization procedure, creditors negotiate with debtors, investors, and other interested parties on creditor's rights and debts and reach a draft reorganization plan, so as to save debt crisis enterprises. At that time, Weimar also stressed: "Weima is in operational difficulties, but Weima will not lie flat, let alone fall down, hoping to actively save itself by adjusting corporate strategy, solving financial debt problems, and obtaining investors to participate in restructuring and development."

According to Tianyan check information, Weima Automotive Technology Group Co., Ltd. is the operating entity company of Weima Automobile, which was established in May 2012 and is wholly owned by Suzhou Weima Wisdom Travel Technology Co., Ltd. the legal representative and chairman is Shen Hui, former vice president of Geely Holdings Group, senior vice president of Volvo and chairman of Volvo China, which is wholly owned by Suzhou Weimar Wisdom Travel Technology Co., Ltd. At present, Weima Automotive Technology Group Co., Ltd. has a number of information about the person subject to execution, with a total amount of more than 87.71 million yuan. in addition, the company also has a number of equity freezes, restrictions on consumption orders, people who break faith and the final capital case information.

As one of the earliest new car-building forces, Weima Automobile at the beginning of its establishment already had a scarce qualification for building cars, and at the same time had a good ability to attract money, so it could be said that it won at the starting line. At that time, "reliable" was the label Weimar always wanted to convey. But in just five years, Weima Motor is faced with problems such as tight capital chain and lack of production power, and eventually cannot escape the fate of bankruptcy and reorganization.

In the latest announcement, Weimar said that Weima Group actively consulted with stakeholders before and during the application for pre-restructuring, and discussed with international and domestic intended strategic investors, which has achieved preliminary results. It is expected that in the process of restructuring, through the introduction of the support of strategic investors, Weima Group's product structure will be optimized and its business model will be upgraded in the process of transformation, in order to restore its sustainable operating capacity. In addition, through the implementation of restructuring, the interests of all parties can be protected to a great extent. After multi-party evaluation, Weima Group has the value of restructuring, and restructuring has a strong feasibility. Weima Group will actively cooperate with the working arrangements of managers and courts, strive to get out of difficulties and restore business capacity, so as to better protect and realize the legitimate rights and interests of users, employees, shareholders, creditors and other parties.

However, the industry believes that although Weimar has not given up saving itself in the face of difficulties, it is not easy for Weima, which is struggling on the line of life and death, to "survive". As for whether Weima can resume operation in the future, it will take more time to verify.

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