This article is from WeChat public account: China Economic Weekly (ChinaEconomicWeekly) , picture from: Visual China
Following the previous “Hydrogen Engine” incident in Nanyang, Henan, the bankruptcy of Hangzhou Youth Automobile Co., Ltd. (referred to as “Hangzhou Youth Automobile”) “Youth cars” have become hot again.
Announcement of Xiaoshan District Court on Ending Bankruptcy Proceedings of Hangzhou Youth Cars
Recently, Hangzhou Xiaoshan People’s Court (“Xiaoshan Court”) issued a notice on the bankruptcy of Hangzhou Youth Automobile. The announcement showed that because the bankruptcy property of Hangzhou Qingnian Automobile had been distributed, the court ruled that the bankruptcy procedure of Hangzhou Qingnian Automobile was terminated in accordance with Article 120 of the “Bankruptcy Law of the People’s Republic of China”.
Hangzhou Youth Automobile was established in 2008 with a registered capital of RMB 325.88 million. The business scope is the production of stamped parts for passenger cars, SUV auto parts, wholesale and retail of Lotus brand cars, and import of Eurostar brand cars. According to industry and commerce information, the company has multiple pieces of information about the court’s enforced persons and those who have broken the trust. The reason for the breach of trust is that it has the ability to perform and refuses to perform the obligations determined by the effective legal documents.
Jinhua Intermediate People’s Court believes that “Youth passenger car groups and related companies mainly produce and sell new energy vehicles, and this industry belongs to the national support industry. Some of the core resources of youth automobile series enterprises have operating value, and youth passenger The car group is still in operation, and there is no situation that its assets cannot be realized at all. Although the young passenger car group has some liquidation difficulties, it is possible to pay off debts through self-negotiation, government assistance, and investment. ” p>
The Youth Passenger Car Group also disputes the application of Haining Asset Management Company.
In the civil ruling disclosed by the Jinhua Intermediate People’s Court, the Youth Passenger Car Group argued that the company has a leading position in the industry, has operating value and is still operating. The company has a full set of passenger cars, trucks, and passenger cars in the country. One of the qualified enterprises is also the only one in Zhejiang Province. Among them, the bus project has three core technologies of the Neoplan platform vehicle, drive and front axle, is a participant in 16 industry standards, and is the only heavy truck company in China that has passed the EU normal standard certification.
The Youth Passenger Car Group also disclosed that the company’s debt restructuring work has begun. On January 5, 2019, the Administrative Committee of Jinhua Economic and Technological Development Zone and the Administrative Committee of Rugao Economic and Technological Development Zone signed the “Minutes of thematic meeting on resolving the youth car debt crisis and advancing youth car reorganization”. On May 6, the company and Nantong Jiahe Technology Investment Development Co., Ltd. signed the “Debt Restructuring Agreement”, and the debt restructuring is proceeding in accordance with the agreement.
“After a thorough demonstration of the reorganization plan, the company’s shareholding structure, the divestiture and repayment of debts, and the implementation of funds have been clearly agreed upon. The methods and steps to solve the problem are practical and supported and supervised by the three governments. The restructuring plan is just around the corner, “the company said.
The aforementioned Hangzhou auto industry veteran told reporters that “In recent years, many companies in the ‘Youth Department’ have ceased production and bankruptcy in Hangzhou, Jinan and other places, and have failed in many government cooperation projects across the country. The negative impact of the ‘Hydrogen engine’ incident, the company’s orders were impacted, and the company’s operations are facing no small difficulties. ”
Why is “youth car” an automobile brand group with certain technical capabilities and a reputation in the passenger car market?