media news group bankruptcy
media news group bankruptcy
CCTV past "Standard King" Prince of milk being wound up
Yesterday morning several news websites widely rumored, Zengyin win CCTV “Standard King” and great job Dairy products Manufacturer – Prince of milk has gone bankrupt, leaving 2.1 billion in debt.
While Prince milk hosting parties and the Information Office of Hunan Province, said that they “do not know whether bankruptcy,” but Morning News reporters Cong Taizi and Nai Linshi Liquidators – Paul and consultants confirmed.
, However, the founder Li purposes of pure milk Prince said in a statement last night, against any person, or any organizations to handle bankruptcy debt, the debt would be 2,100,000,000 yuan “lifelong responsibility.” Provisional liquidator:
Present all information to be kept confidential
According to media reports yesterday, Prince milk investors including Goldman Sachs and Morgan Stanley, the biggest creditors are Citigroup. The Great Court of the Cayman Islands, has appointed the Hong Kong insurance and consultants (BorrelliWalsh) as the provisional liquidator of Prince milk.
On the news, Zhuzhou Municipal Government Information Office, said a person in charge, he is in line to see, “but did not receive notice, do not know milk is not bankrupt the Prince.”
Reporter subsequently linked to the Hong Kong media, public relations consultant Paul and Mr. Chen. The other said that Prince Paul and consultants is indeed the case of a provisional liquidator of milk, “according to the Court for investigation and handling.” Mr. Chen declined to comment further, saying that all current information confidential, “not convenient to the information.”
Industry speculation: Thorough “Changing Faces” continue to operate after the
It is understood that, in February 2009, the Zhuzhou municipal government through the state-owned investment company assets with the formation of Zhuzhou Zhuzhou Hi-Tech Group Hi-Tech Dairy Management Co., Ltd. Lease Prince Milk Group’s core assets, implementation of the “closed” production and management. Hi-Tech Dairy Milk became the Prince of actual control by the right to operate and continues today.
Yesterday, chairman of the Milk Man Hi Dibo said to the media, the current Prince Tech dairy milk in managed production operations under all normal. Bankruptcy liquidation procedure is necessary to restructure, Prince milk will introduce new investors.
In an interview, Fuk Loi brand Marketing General Manager Lou Xiangpeng consultant, said Prince milk in recent years has been engaged in capital operation, “through various means of financing, Prince milk is not good to do business management, the insolvency big deal.”
Insiders speculate that this may just be Prince milk bankruptcy restructuring, divestiture as a way of debt.
Follow-up effects: Deepest level dealers were caught
“If Prince milk bankruptcy, distributors and grazing cows will be the main victims.” Eiger Agricultural Advisory Co., Ltd. Beijing Oriental High Dairy Expert, associate professor Chen Lianfang that Prince milk dealers are paid first and then getting goods, “If Prince milk bankrupt, not goods, and dealers of money there will be problems.”
In fact, starting from April 2008, Prince of milk from 212 dealers raised 56 million yuan has been unaccounted for. To this end, a number of milk dealers Prince exposure to the media this would wish to protect their rights.
Founder Lee only pure: Will be responsible for 2.1 billion debt for life
9 o’clock last night, Prince Milk Group statement said the territory has not yet received any milk at home and abroad judicial winding-up the Prince of legal instruments, the British and American legal systems the law is not suited to China’s laws, nor will Prince of milk in any way. “Citibank’s behavior is completely one-sided; all the consequences arising from its own responsibility.” Milk, said Prince, has signed a 1.1 billion small creditors in stages 3-7 repayment agreement was never the support of the majority of creditors, any person declared bankrupt now is illegal. Prince Milk Group and majority shareholder Mr. Li Tuchun individuals, against foreign hostile takeover Prince milk, but also against anyone or any organizations to handle bankruptcy debt. Prince Milk Group audited assets of 5.09 billion real (including intangible assets 2.0 billion mark, real estate land 3.09 billion), 2.1 billion debt (including bank 1 billion, 1.1 billion of other debt), the scope of liability entirely benign.
Lee way of pure I also solemnly declared: “With immediate effect Li purposes of pure I and Prince Milk Group, the company 2.1 billion in debt for life is responsible to ensure that a sub a lot of return. We are fully capable to return, 90% of creditors by the communication has reached or is about to agreement until October 1 only, please sign the repayment agreement is not a creditor to the company headquarters (Zhuzhou) can sign the repayment agreement in stages, upon signing the contract we will repay. ”
[News link] Former “Standard King” Why is going bankrupt?
1997 10 months to 88.88 million yuan milk Prince won the 1998 CCTV consumer goods “standard king.”
A development momentum is strong star enterprise, initially for distribution in the country and why the brewing process of listing a sudden bankruptcy? Industry speculation can Energy From the following four reasons.
Blind expansion – the expansion Prince milk too fast, excessive investment in factories, which is very dangerous business, because once suspicious of the enterprise market, dealers hit models, Raw material Company credit will become difficult, the current Prince of milk is such a strategic dilemma facing.
And investment banks on the bet – in November 2006, Prince’s milk when the family Li purposes pure and the three banks signed a “gamble” agreement: the receipt of three investment banks, capital injection from the first three years, if the Prince’s milk performance increased by more than 50% , can be adjusted (decreased) the other option; if not finish 30% performance increase, Lee would lose a controlling stake in pure way. Ultimate failure Prince of milk on the bet.
Melamine – A 2008 dairy melamine incident shocked the whole country, making our dairy industry suffered heavy losses. Although not contain melamine, Prince milk also severely affected by the storm, which may also paving the way for the future bankruptcy.
Family business ills – Prince milk-house staff told the media revealed that many of the key sectors within the Prince’s milk is pure by the way Lee’s relatives or cronies control difficult for outsiders to intervene.
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