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The latest development of Weimar Automobile bankruptcy reorganization case!

2024-04-24 Update From: AutoBeta NAV: AutoBeta > News >

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

According to the announcement of the National Enterprise bankruptcy reorganization Information Network, the reorganization procedure of Weima Automobile has been accepted by the court, and the first creditors' meeting will be held in March. According to the announcement, the Shanghai No. 3 Intermediate people's Court ruled on December 29, 2023 to accept the restructuring case of Weima Automobile Technology Group Co., Ltd., and on January 4, 2024, Beijing Dacheng (Shanghai) Law firm and Lixin Accounting firm (special general partnership) were appointed as joint managers of Weima Technology Group, and Lu Shaohong served as the head of the manager. According to the relevant regulations, creditors should declare their claims to the manager of Weimar Technology Group before March 18, and the court is scheduled to hold its first creditors' meeting by online video on March 29.

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 No. 3 Intermediate people's Court. In response, Weimar officials said that according to Weima Group's application, Shanghai No. 3 Intermediate people's Court accepted Weima Group's application for pre-reorganization on October 7, 2023. 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.

As one of the earliest new car-building forces, Weimar Motor has reached the stage of bankruptcy and reorganization. In the early days, Weimar not only had scarce car-building qualifications, but also had a good ability to attract money, which can be said to win at the starting line, but in only five years, Weima was faced with problems such as tight capital chain and lack of product power. in the end, it can not escape the fate of bankruptcy reorganization.

From "live, live like an animal" in early 2023 to "Weima will not lie flat, let alone fall down." And so on, it is not difficult to see that Weimar is actively trying to save itself, but now Weima is already fraught with lawsuits, and even if the bankruptcy restructuring is successful, it will face many challenges, including difficult to fill financial holes, lack of core technology, how to regain consumer confidence, and so on. Of course, it is still unknown whether Weimar can resume operation in the follow-up.

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