Record of Aohai Restructuring

Author: Wu Jiesi
Publisher:
Publish Date: 2004-06-01
Features: The uniqueness of this book lies in its rigorous academic nature and the inclusion of detailed behind-the-scenes information. It's hard to imagine such a work being published elsewhere in Asia. The Yucai restructuring involves a massive amount of debt and affects numerous creditors. Yuqi, Guangnan, Yuinvest, and Nanyue collectively owe nearly $6 billion in various debts, involving about 200 banks, over 300 bondholders, and more than 1,000 trade creditors. The Yucai restructuring involves substantial assets and a wide social impact. Yucai is a corporate giant, including Nanyue, with eight generations under one roof. There are 572 enterprises at various levels, either in operation or holding assets, covering 12 sectors such as finance, food distribution and processing, hotels and tourism, infrastructure, manufacturing, real estate, supermarkets, trade, transportation, beer, leather processing, and building materials, spanning more than 10 countries and regions including Guangdong Province in China, other Chinese provinces, the Hong Kong Special Administrative Region, the Macao Special Administrative Region, the United States, Canada, France, Thailand, and Australia. The group and its subsidiaries and joint ventures hold controlling stakes in five Hong Kong-listed companies. Additionally, the book dedicates considerable to narrating and analyzing the background and process of Yucai's announcement of debt restructuring, the historical lessons and experiences from the emergence of Yucai's debt issues, as well as the Chinese government's support for Yucai's debt restructuring and its focus on protecting the rights and interests of foreign creditors.