On the evening of June 10, EGing PV announced that the company and its pre-reorganization administrator had signed a Pre-Reorganization Investment Agreement with multiple financial investors. The reorganization investors plan to subscribe to approximately 793 million converted shares of the company at a price of 1.91 RMB per share, representing a total investment of approximately 1.515 billion RMB.
According to the announcement, the financial investors participating in this investment include Ningbo Hengshuo Enterprise Management Partnership (Limited Partnership), Shenzhen Jia'an Huiying Enterprise Management Partnership (Limited Partnership), Jinxiu Zhonghe (Beijing) Capital Management Co., Ltd., Zhuhai Hengqin Shuangyuan Qisheng Enterprise Management Partnership (Limited Partnership), as well as several individual investors. The shares acquired by the reorganization investors may not be transferred within 12 months following the acquisition.
Based on the agreement's arrangements, the reorganization investors are required to pay a performance deposit of approximately 75.7453 million RMB within 10 days of signing the agreement. The remaining investment funds must be paid within 7 days after the court issues a ruling to approve the reorganization plan.
The relevant funds will primarily be used to pay for bankruptcy expenses, common interest debts, and the settlement of various creditors' claims. Any remaining balance will be used to supplement the company's working capital.
EGing PV stated that the signing of this pre-reorganization investment agreement is a critical step in the company's pre-reorganization and subsequent reorganization process. If the pre-reorganization and reorganization efforts proceed smoothly and are ultimately implemented successfully, it will help improve the company's financial structure, mitigate debt risks, and restore as well as enhance its sustainable operating capabilities through the introduction of incremental capital.
Previously, in April, EGing PV had already signed a pre-reorganization investment agreement with industrial investors Ningbo Ruilian Proprietary Fund Investment Partnership (Limited Partnership) and Jiangsu Zhongrun Solar Technology Co., Ltd. The formal signing by the financial investors this time indicates that the company has made further progress in its recruitment of pre-reorganization investors.
Source：EnergyTrend