WM Motor's "self-rescue action" has made new progress.
On January 29, a reporter from Nandu Bay Finance Society noticed from the Tianyancha APP that WM Motor Technology Group *** hereinafter referred to as "WM Motor") added ** information, and the cause of action is to apply for bankruptcy reorganization, and the ** date is March 29, 2024.
In addition, not long ago, in order to promote the reorganization, WM Motor also publicly recruited investors for common benefit bonds, and planned to raise 300 million yuan to continue to operate in the reorganization process, enhance the overall core asset value of WM Technology Group, and resume production, operation and use of new energy vehicle manufacturing bases.
The first meeting of creditors will be held in two months' time
*The case involved is the restructuring of WM Motor since October 2023.
According to a previous report by a reporter from Nandu Bay Finance Agency, on October 7, 2023, the Shanghai Third Intermediate People's Court accepted WM Motor's application for pre-reorganization. Although the case is stated as "bankruptcy reorganization" on the relevant **, WM Motor has repeatedly emphasized that pre-reorganization is different from bankruptcy reorganization, but a self-help behavior carried out at an early stage when it is facing difficulties.
WM Motor also publicly stated that during the pre-reorganization period, the company has completed audit and evaluation, creditor's rights declaration, asset verification, etc., and has actively negotiated with stakeholders before and during the pre-reorganization application, and has negotiated with international and domestic strategic investors, and has achieved preliminary results.
On December 13, 2023, WM Motor formally submitted an application for pre-reorganization to reorganization to the Shanghai Third Intermediate People's Court, which was accepted by the above-mentioned court on the 29th of the same month. On January 2, 2024, the Civil Ruling was delivered to WM Motor.
On January 29, a reporter from Nandu Bay Finance Society inquired about an announcement issued by the Shanghai No. 3 Intermediate People's Court (hereinafter referred to as the "Shanghai No. 3 Intermediate Court") on January 26, showing that the court ruled to accept the reorganization case of WM Motor on December 29, 2023, and stated that according to relevant regulations, creditors should declare their claims to the manager of WM Motor before March 18, 2024. The court is scheduled to hold the first creditors' meeting at 9:30 a.m. on March 29, 2024.
It is recruiting investors for mutual benefit bonds, and plans to raise 300 million yuan
The reporter of Nandu Bay Finance Society also noticed that in order to promote the success of the reorganization, WM Motor is openly recruiting investors for common benefit bonds to raise funds.
On January 15, the Shanghai No. 3 Intermediate People's Court published the "Announcement on the Recruitment of Mutual Benefit Bond Investors by WM Technology Group". According to the announcement, in order to maintain the operating value of the company, revitalize the overall assets, and promote the successful reorganization, WM Motor is openly recruiting investors for common benefit bonds.
According to the relevant provisions of the Bankruptcy Law, "common benefit debt" refers to the debt that needs to be repaid at any time with the debtor's non-specific property formed by the administrator or the debtor in the name of the debtor for the fundamental purpose of safeguarding the interests of all creditors and in order to ensure the safety of the debtor's property, continue business affairs and perform minimum social responsibilities for the purpose of ensuring the safety of the debtor's property, continuing business affairs and fulfilling minimum social responsibilities.
To put it simply, if a company files for bankruptcy, if it can repay or can repay its debts to a greater extent by continuing to operate, it can turn to the outside world for help and external investment to ensure that it continues to operate. The money earned from the operation is preferentially repaid to the investors of the common benefit bonds. A legal person gave an example to a reporter from the Bay Finance Society.
WM Motor expects the target amount of RMB 300 million for this BC debt recruitment, and the final recruitment will be determined by the manager based on the registration of investors.
According to the announcement, the purpose of WM Motor's borrowing of the Common Benefit Bond funds is to continue to operate in the reorganization procedure, enhance the overall core asset value of WM Technology Group, and resume production and operation of the new energy vehicle manufacturing base, which is subject to the signed Common Benefit Bond Loan Agreement.
According to the appraisal results of WM Motor's pre-reorganization stage, under the consolidated financial statements, the company's assessed assets are worth more than RMB 9.6 billion, and the audited liabilities are about RMB 25 billion.
Written by: Chen Jing'an, reporter of Nandu Bay Finance Agency.