The Amount Of Creditor'S Rights Has Been Confirmed To Be 136.4 Billion, And The Manager Of Founder Group Of Peking University Solicits The Creditor'S Repayment Intention

Since July this year, Beijing first intermediate people's Court (hereinafter referred to as "Beijing No.1 Intermediate People's court") ruled to accept the substantive merger and reorganization, the first creditors' meeting of five companies including Beijing Founder Group Co., Ltd. (hereinafter referred to as "Peking founder") will be held on October 22.

The reporter of 21st century economic news learned exclusively that the creditor's meeting will check the "creditor's rights table of the first creditor's meeting of five companies including Peking University Founder Group Co., Ltd." and examine and vote the "property management plan of five companies including Peking University Founder Group Co., Ltd.". In addition, at present, creditors have received a questionnaire on the intention to be paid from the reorganization administrator.

"The administrator has put forward several detailed proposals for repayment, so that everyone can vote and feed back their demands. As a matter of fact, some of the debt repayment proposals of the institutions of Peking University have been approved. This questionnaire is aimed at all creditors of financial institutions. " On October 20, a creditor of Founder institution of Peking University told the reporter of 21st century economic report.

Peking University Founder said that in order to protect the legitimate rights and interests of all creditors fairly, the administrator intends to invite all creditors of financial institutions to help fill in the questionnaire and cooperate with the collection of appeal information, so as to formulate a reorganization plan that meets the demands of the vast majority of creditors.

Clear property management plan

In fact, on February 19 this year, Beijing No.1 Intermediate People's court ruled to accept the reorganization of Peking University Founder and appointed the liquidation group of Peking University Founder as its manager on the same day.

As founder Industry Holding Co., Ltd., Peking University Medical Industry Group Co., Ltd., Peking University Founder Information Industry Group Co., Ltd., Peking University Resources Group Co., Ltd. and Peking University Founder Group Co., Ltd. are highly related to each other, and the financial situation is seriously confused, and the differentiation cost is too high, the managers subsequently applied for the merger and reorganization of the five companies.

On July 31, 2020, Beijing No.1 Intermediate People's court ruled to accept the substantial merger and reorganization of five companies including Peking University Founder, and appointed the manager of Peking University Founder as the manager of substantial merger and reorganization.

According to the reporter of the 21st century economic report, the audit and evaluation institutions have carried out special audit and evaluation on five companies, including founder of Peking University, with January 31, 2020 as the benchmark date. The properties of the five companies are mainly equity and creditor's rights, and the property has strong internal correlation.

To be specific, the five companies, including founder of Peking University, are the holding platform, management platform, financing platform and capital dispatching platform of Founder enterprises. Their properties are mainly composed of equity, creditor's rights, monetary funds, real estate and intellectual property rights, mainly equity and debt assets.

The preliminary audit results show that the creditor's rights assets and equity assets of the five companies, including Peking University Founder, account for more than three quarters of the total book assets. Founder's business and assets are mainly distributed in five companies including founder group, including information industry, medical treatment, real estate, trade, steel and other companies.

From the perspective of the composition of creditor's rights assets, the creditor's rights assets of Beijing University Founder and other five companies are mainly creditor's rights to related parties; from the perspective of equity assets composition, equity assets of Founder group and other five companies are mainly long-term equity investment.

This also shows that the property of the five companies has a strong internal correlation, and the operating conditions, profitability and repayment ability of the affiliated companies will also have a great impact on the valuation and recovery of the property value of the five companies such as founder of Peking University.

"During the period of reorganization, the property shall be coordinated by the administrator, and classified management shall be carried out according to the property property. During the restructuring period, five companies, including founder of Peking University, will adopt the management mode of manager, who will be responsible for managing the company's property and business affairs. " The creditors told 21st century business reporter.

On the operational level, the 21st century economic reporter learned that the managers will continue to employ the management of four companies, including founder of Peking University, to assist the managers in business affairs. The reason is that the industries of five companies including Peking University Founder are involved in information technology, medical treatment, real estate, bulk trade and other businesses, and the operation and management affairs of subordinate enterprises are highly professional.

Payment plan tracking

In fact, since the default in December last year, the repayment of hundreds of billions of creditor's rights of Peking University Founder has been widely concerned by the market.

According to the data disclosed by founder of Peking University, as of October 9, 638 creditors of five companies including Peking University Founder reported 649 claims to the administrator, with a total amount of claims of 231.167 billion yuan.

The reporter of 21st century economic report exclusively learned that among the 231.167 billion yuan of creditor's rights declared, the amount of creditor's rights confirmed by the administrator is 136.44 billion yuan (including some undeclared but confirmed ones), 29.021 billion yuan of unconfirmed claims, and 67.512 billion yuan of unconfirmed claims. Among the 136.44 billion yuan of creditor's rights confirmed, 121.57 billion yuan of ordinary creditor's rights, accounting for 89% of the total, and the rest are property guaranteed claims.

"Now the administrator is asking for compensation plans and opinions, and also gives some options. For example, for the creditor's rights secured by property, one-time full cash settlement can be selected within the scope of the evaluation value of the collateral, and the uncovered part shall be compensated according to the ordinary creditor's right; or the debt shall be retained according to the evaluation value of the collateral, and the uncovered part shall be compensated according to the ordinary creditor's right. " An institutional source said.

For ordinary claims, it is more complicated. The 21st century economic report reporter has learned that for the part other than cash settlement, there are options, such as debt retention or debt repayment with shares, and the combination of the two. For debt repayment with shares, there are also conditions for subdivision of the equity part, including whether there is a buyback arrangement, and what form.

It is worth noting that founder of Peking University has also solicited the interest of creditors in terms of increasing the cash settlement ratio or the comprehensive repayment ratio, and whether it is willing to increase the repayment ratio by extending the debt retention period.

According to the latest disclosure of founder of Peking University, the reorganization related work is being carried out orderly, including creditor's rights confirmation, property audit, asset evaluation, strategic investor recruitment, etc.

Earlier, Founder group of Peking University publicly recruited strategic investors on April 21. Who will become the "knight in white" has aroused market speculation.

In July, it was reported that Founder group of Peking University initially determined the list of strategic investors to enter the latest round of selection, and 5-6 institutions including Zhuhai HUAFA, Shenzhen Investment Control and Taikang Life Insurance were selected. Later, a person close to Founder group agreed with the news in response to the reporter of the 21st century economic report.

"Due to the high proportion of equity and creditor's rights in assets, the equity asset ratio of listed companies controlled by Founder group of Peking University should be realized to repay debts. After the introduction of war capital, the group level will also sort out the management structure for the operation and management or asset transfer of its assets. From the point of view of the total assets of RMB 50 billion, or the party with rich strategic assets can not be less than RMB 50 billion, which means that the party with rich assets in the field of M & A should not have the ability to invest less than RMB 50 billion An analyst at a medium-sized securities firm told the 21st century economic reporter.

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