It is said that many senior officials have been arrested and their debts exceed 20 billion. Is Wilma coming to an end?

At the beginning of, Gaohe Automobile’s “thunderstorm” made many people realize that even if the new energy years are quiet, not everyone can be alone. In fact, with the reshuffle of the domestic auto market and the increasingly fierce competition in the new energy track, when the old pattern is broken and the new format is established, some people have been full and others have fallen., And after Gaohe Auto, the previously filed for bankruptcy of the Weima Auto again came “bad news”., It is reported that on March 29, Weima Motor’s first creditors’ meeting was held in the Shanghai Third Intermediate People’s Court. Creditors participated in the meeting with video access and voted on the reorganization case., After review, the administrator confirmed the creditors of 564 Weimar Technology Group, and the total amount of the confirmed claims was 3.376 billion yuan. After audit, the total book assets of Weimar Technology Group are 3.988 billion yuan and the total liabilities are 20.367 billion yuan. It is not difficult to see from the data that Weimar has fallen into a serious insolvency situation.,
, it is worth noting that the report pointed out that the creditors’ meeting was not only to restructure the debt of Weima Automobile, but also to investigate the internal illegal problems of Weima. A number of senior officials in Weima have been investigated by relevant departments for contract fraud, loss of state-owned assets and job embezzlement, including Hou Haijing, second-in-command of Weima Motor., Whether it is more than 20 billion in debt or multiple executives have been arrested, it seems to indicate that Weimar is about to end its life., From the “four little dragons making cars” to chicken feathers in one place, we have seen a lot of “genetic defects” in the new forces that have fallen in the past “. Either it is constrained by a weak capital chain, or the person at the helm is not professional enough, while Weimar is different from many new car-building forces., As early as 2015, when the new forces were racing, Shen Hui founded Weima Motors., Shen Hui has been in the industry for more than 20 years, and has held important positions in BorgWarner, Fiat, Volvo and other well-known brands. He has industry experience and resources envied by many entrepreneurs, and is a solid background in the automobile manufacturing industry. The Weima car is Shen Hui smell the wind of new energy, from the traditional car manufacturing to the new forces to build a car set up a banner., In addition to Shen Hui, Hou Haijing, one of the co-founders, also has rich experience in product production and technology. He has held high positions in Shanghai GM, Foton Motor and Huatai Motor, mainly responsible for model production.,
, in view of the founder team’s “high quality”, let Weima’s starting point higher than many new forces, even in the start-up period ushered in the opening of Tianhu, while obtaining the government to provide debt investment and low-interest loans, and successfully landed an annual production capacity of 250000 vehicles of the two factories; While obtaining a number of institutional investment in Weima cars, completed the cumulative amount of 41 billion yuan of 11 rounds of financing., as a comparison, at that time also belongs to the “four little dragons” of “Wei Xiao Li”, the cumulative financing volume is less than 20 billion. Among them, Wei Lai’s accumulated financing (before listing) amount exceeds 14.3 billion yuan, Xiao Peng exceeds 18.8 billion yuan, and the ideal is about 11.6 billion yuan., However, abundant “start-up capital” and leadership advantages have not been transformed into development advantages. Weimar soon lagged behind the new energy vehicle market due to insufficient product competition and too much management struggle., 2021, Weimar’s annual sales of 44000 vehicles are not 20% of its actual production capacity of 250000 vehicles, which is horrible. But this is already the sales peak of Weimar over the years. Before 2021, the sum of Wilma’s three-year sales is only close to 44000 vehicles, and after 2021, Wilma’s sales are even harder to find., This kind of performance, compared with the “Wei Xiaoli” that has been on the right track, is not far behind. This difference is tantamount to life and death parting.,
, the poor performance of sales has left Weimar unable to make ends meet. According to the prospectus data, Weimar’s net losses for the three years 2019-2021 were $4.145 billion, $5.084 billion and $8.206 billion, respectively, with a total three-year loss of 13.6 billion., The market’s poor performance has put Weima out of favor with investors., As of the first quarter of 2022, Weimar’s cash reserves were less than $4 billion. In October 2022, an internal letter issued by Shen Hui made Weimar’s funding problems begin to surface. The letter mentioned that Weima Automobile was facing great challenges in the supply chain at that time, such as the sharp rise in raw material costs and untimely supply, which seriously affected the production and operation of Weima Automobile., in order to deal with this crisis, Weimar Motors has taken a series of measures such as listing on the board and listing on Hong Kong stocks. After being rejected repeatedly due to various risk problems, Weimar extended his butcher’s knife to his employees, including salary cuts, suspension of production, layoffs and other successive exposures, which put Weimar at the forefront of public opinion, especially after Shen Hui’s sky-high annual salary was reported.,
, of October 10, 2023, the National Enterprise Bankruptcy Reorganization Case Information Network showed that Weima Automotive Technology Group Co., Ltd. applied for bankruptcy reorganization, and the applicant was the company itself. Weima Auto said that it is undergoing a pre-reorganization accepted by the Shanghai Third Intermediate People’s Court, which aims to introduce strategic investors through debt restructuring, avoid bankruptcy, and achieve rebirth and transformation., Although Shen Hui said in a clarification statement at that time that the focus of recent work was mainly overseas matters, there was no case of the company’s founder running overseas. But rumors of “Wilma’s death” are rife., From the original comparable to the “Wei Xiao Li” head of the new force, to now a chicken feather, Weima car has passed the so-called highlight moment, to the end of life-once it was the waves of the times, now by the waves of the times., The 20 billion pit who dares to fill in, before the first creditors’ meeting, Weimar Motors has already exposed the news that the previous application for bankruptcy reorganization follow-up-according to the announcement of the National Enterprise Bankruptcy Reorganization Case Information Network, Weimar reorganization The procedure has been accepted by the court, and the first creditors’ meeting will be held in March. This is the preface to the first meeting of creditors., According to the announcement, the Shanghai Third Intermediate People’s Court ruled on December 29, 2023 to accept Weimar.Automotive Technology Group Co., Ltd. Reorganization Case. According to relevant regulations, creditors should declare their claims to the manager of Weimar Technology Group before March 18, and the court is scheduled to hold the first creditors’ meeting through online video on March 29.,
, the content of meeting originated from a new bankruptcy case of Weima Automotive Technology Group Co., Ltd. on January 2 this year. The applicant was the company and the handling court was the Shanghai Third Intermediate People’s Court. In response, Weima Automobile officially stated that according to the application of Weima Group, the Shanghai Third Intermediate People’s Court accepted the Weima Group’s pre-reorganization application on October 7, 2023., According to reports, during the pre-reorganization period, Weimar Group has completed audit evaluation, creditor’s rights declaration, asset verification and other work, and has contacted a number of prospective investors to achieve preliminary results. This was Weimar’s last struggle in the face of death., According to Weimar, it will restructure and introduce strategic investors to solve the financial debt problem, which can revitalize corporate assets. According to the audit assessment of the Shanghai Third Intermediate People’s Court during the pre-reorganization phase, the value of Weimar’s assets is about 9.6 billion yuan, and the amount of its liabilities is 25 billion yuan., However, until the first creditors’ meeting, Weimar also failed to successfully introduce strategic investors, including previously and Weimar signed a non-binding M & A letter of intent for Happy Motors.,
, and the entire case schedule shows that, excluding the 2.6632 million yuan from the Shanghai Qingpu District Taxation Bureau of the State Administration of Taxation, Weima owes more than 40 million yuan in salary, compensation and welfare benefits to employees, and the per capita creditor’s rights amount exceeds 100000 yuan. When it comes to core information such as resolving wage arrears, a spokesman for the creditors’ meeting said everything was planned and other accurate information was not released too much., In addition, among ordinary creditors, excluding 1.5813 million yuan from the Shanghai Qingpu District Taxation Bureau of the State Administration of Taxation, Weima owes as much as 1.734 billion yuan to partners in supply chain, market services, sales and other services, with an average debt amount of 10 million yuan. Among them, the companies involved are HKUST Xunfei, Special Call, Michelin, Desai Siwei and other companies., According to the audit report mentioned in the reorganization case, the total book assets of Weimar Technology Group after audit are 3.988 billion yuan and the liabilities are as high as 20.367 billion yuan. In an appraisal report, Weimar Technology Group appraised the total assets at $4.107 billion and the total liabilities at $19.305 billion.,
, in order to promote the reorganization of Weimar Technology Group, the issued the Announcement on the Recruitment of Strategic Investors for Weimar Technology Group and the Announcement on the Recruitment of Co-Interest Debt Investors for Weimar Technology Group on the National Enterprise Bankruptcy Reorganization Information Network on January 15, 2024. On February 18, when the recruitment period expired, the disclosure information showed that a total of 4 intended strategic investors and 5 common interest bond investors completed the registration and passed the qualification examination, and the investor consultation was in progress., The manager also said in the reorganization case that after the end of the debt meeting, the manager will promote strategic investors and common interest debt investors selection, negotiation work., However, who dares to fill in the 20 billion pit? After filling it out, what then? return to the first electric net home>