As the first domestic and private equity (PE) signed an agreement on gambling cause founder out of enterprise restructuring, Prince milk is the way to difficult.
A field bet, the double.
December 19, 2008, Mr. biological technology co., Ltd (hereinafter referred to as the "Prince of milk group") has released a Declaration on the appointment of the company in charge of the notification of internal documents, known as group and Zhuzhou Prince milk bio-technology development co., Ltd. merged, collectively, the Zhuzhou Prince milk newly established Chinese Prince foods co., Ltd. a wholly-owned holding company. The latter also superseded Prince milk group, became the new advance happy dairy industry in your all assets of the parent company.
On the whole a gambling story sources to back two years ago.
In November 2006, the British investment joint venture with Prince Edward milk group set up offshore company "China Prince milk (Cayman) Holdings Limited", an injection of $ 40 million, while the other two foreign shareholders of Morgan Stanley, Goldman Sachs injected US $ 18 million, respectively, and $ 15 million.
But this is not-for-7300 million to three major investment in Prince Edward milk management on the right of speech. Who apply for a group of senior Prince milk investment banking securities managers in business finance, as the net (http://www.caistv.com/) wrote in a blog, get a lot of dollars later, lituchun did not fundamentally change the structure and personnel management. "Three investment banks sent to directors do not have too many rules to encounter major problems or the old one. ”
The only change in investment banking, seemed to be to Prince Edward milk introduces an overseas Chief Financial Officer, however this does not substantially save Prince milk crisis.
In early 2008, still wielded by Prince Edward milk lituchun in the national boss's caused by a letter "publicly said that" for the 2008 world economic situation, the impact of domestic macroeconomic adjustment, plus we have invested 12 million building, purchase equipment, Bank and $ 400 million loan from ... ... (Group) short-term funding shortfall. ”
Subsequently, the Deloitte Touche Tohmatsu CPA trustee into Prince milk group conducted due diligence, concluded that three investment banks surprised: the company owed the Bank loan billion distributor advances 3 million, also includes hundreds of works of arrears and raw materials, and the Group's net assets only 2 billion capital injection, insufficient investment banks (7300 million).
At the same time, the media revealed Prince milk Group 2007 annual sales of $ 3 billion in claims there is moisture, may actually be less than half of this number. According to Prince Edward milk group an internal data, as of 2008-July 28, its national sales only completed year plan 26.75% 36 billion.
At first as investment conditions attached, three investment banks and lituchun signed an agreement on soccer: injected after the first 3 years if the growth performance of Prince Edward milk group exceeds 50%, you can reduce the injection of party equity; complete 30% performance increase, lituchun will lose control.
In debt collections and unsatisfactory shadow, investment bank completely lost on lituchun confidence.
October 23, 2008, under the pressure of the investment banks, lituchun finally an "irrevocable agreement" signed contract the parties must within one month to complete the transfer of equity.
Next month, despite lituchun heading to Beijing around looking for new investors, but in the end, no. November 21, 2008 late Prince milk group notice, that the shareholders agreement has been reached, the Group decided to work together to increase investment, settlement funding crisis. At the same time, will be the Prince Lituchun milk group Honorary Chairman.
Unconfirmed internal argument asserts that the British investment to bear Prince milk group's external debt owed 4.5 billion, on the shares of lituchun take over, forced out of lituchun I just get the $ 5 million.
This group on the Prince's asset restructuring milk, milk group founder Prince Lituchun to Mauri investment, Morgan Stanley and Goldman Sachs, and so on three overseas investment bank to sell all shares and retire "Honorary Chairman," just last month, but the Investment Bank's commitment to increase investment of us $ 30 million to the account yet.
The first domestic and private equity (PE) signed an agreement on gambling cause founder out of enterprise on the way, is a difficult restructuring.
According to Zhuzhou Prince milk internal sources, the Group's original 200 car has to 600 million of the total price of the second-hand car market to sell, Zhuzhou city government departments, with 10 million Yuan, and workers to help address Prince milk accounts for payment of wages and dealers.
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