Beitai Group, a domestic auto parts manufacturer that has appointed a provisional liquidator, issued an announcement on October 21 st that it has signed an exclusive agreement with a company owned by Shougang Corporation, and the provisional liquidator promised before February 15, 2010. No longer negotiate with any other parties on the restructuring of Beitai Venture's bonds or equity.
This also means that Shougang will intervene in the restructuring of Beitai's business and further expand in the parts and components industry.
Beitai Venture's announcement stated that Chengda Co., Ltd. ("Chengda"), which has signed an exclusive agreement with Beitai Ventures, is a subsidiary of Jingxi Heavy Industry, and Jingxi Heavy Industry is held by Shougang Corporation. % equity.
Chengda paid a deposit of 2 million Hong Kong dollars in mid-August, so the provisional liquidators have promised to cease negotiations with any other parties on the reorganization of Beitai Venture before February 15, 2010. If Chengda subscribes for the 15 million Hong Kong dollar senior bonds issued by Beitai Automotive, the exclusive period will be automatically postponed until November 15, 2010.
The shares of Beitai Venture have been suspended from trading since January 19 this year. In February, Deloitte was appointed as a provisional liquidator of Beitai Ventures. He was responsible for reviewing the company's business and sent intent to parties interested in acquiring the company's business.
This is not the first time that Shougang has been involved in the auto parts industry. Shougang Holding’s Jingxi Heavy Industry specializes in sales of automotive parts, machinery and electrical equipment. This year Jingxi Heavy Industry also acquired the business and related assets of the two brake systems and related assets of Delphi Corporation, and was officially approved by the United States Foreign Investment Commission (CFIUS), one of the world's largest auto parts suppliers. Its brakes and suspension systems have annual sales of 600 million to 700 million U.S. dollars.
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