New World acquired S * ST-US stop
Posted on Feb-29-2008· by china investor
February 25, ST-US S * Notice, as companies scattered shareholding structure, the new shareholders have yet to submit proposed changes shares, the company share reform the difficulty of the work still exists. Therefore, the company is still not boot share reform work. Some of the major shareholders of companies with rich real estate (Shanghai) Ltd. and associated property to the New World China Co., Ltd., Shanghai Xin Industrial Co., Ltd. to the reorganization of the company reached a preliminary agreement, the reorganization of the initial audit, evaluation work in the pipeline. At the same time some of the shareholders are also actively promoting the company's debt restructuring, and the departments concerned and relevant creditors and negotiate debt solutions.
It is easy to see from the notice, the New China Star has been the reorganization of the United States has entered a substantive stage. In December last year, China has dispatched to the New World-the United States in important positions. Clearly, the United States and New World China backdoor-listed A-shares was just around the corner.
Star of the United States, offer access to the New World also recognized in China as early as the end of January, the company announced it: a subsidiary of New World China rich real estate developers (Shanghai) Co., Ltd. has been the development of the company's major shareholders formed Initial restructuring programme, the ongoing restructuring of the pre-audit, evaluation, while the company shareholders Zhuo Beijing Investment Holdings Limited "to the introduction of strength to the company's investors," has signed "debt exemption agreements" exempt company owed Zhuo Beijing investment of nearly 70 million yuan in debt.
China real estate sources close to the New World to informed sources, the recent US-S * ST will be the major shareholder completed debt restructuring and the signing of the Share Transfer Agreement, "if nothing unexpected happens all the agreements will be reached soon, but also the completion of the transaction approved by the competent authority, Uncertainty exists. "
It is understood that the New World China-US acquisition of the main obstacles but also from debt. In this regard, the United States-is debt-ridden, its debt could reach 16 billion yuan.
In the current S * ST Star in the United States constitute a debt, the original shareholders Zhuo invest in Beijing has about 4.8 billion debt, and minority shareholders also have small claims. The source said, in part through debt-equity swap shareholders claims to be the solution, but not a final decision.
S * ST-US majority of creditors for banks, New World China has repeatedly tried to negotiate with those creditors, and try to debt restructuring in the form of minimizing debt burden, there are reports that New World China contact with the creditor banks divided on the issue.
Reportedly, the New World hopes to 500 million-600 million yuan for the United States debt relief, but because the work is still in progress, New World China backdoor final price is unknown.
As one has been listed in Hong Kong enterprises, New World China Why spend so much backdoor price is not a big asset size of mainland listed companies?
The industry told reporters that to "130, text," many Hong Kong-listed companies in the financial capital from abroad it is difficult to enter the mainland, while mainland China in the new world of asset size and the plate too much, their land reserves after Biguiyuan, more than 20 million square meters, the need for capital is a very urgent matter. Therefore, China must hope that the New World opened up the financing channels, and to accelerate its pace of the development of the Mainland.
December 2007, S * ST-US election board issued replacement of the company's senior management staff notice in the new directors, Ho Sheng has held senior financial and New World China manager of the project, and at the same time as US-S * ST Finance Director; Bolifu is responsible for the New World Shanghai, China, Shanghai, China, the regional director of the New World. (Wang Fang Jie)
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