jinke services: plans to recover most of the receivables through judicial auctions and acquisition of the remaining offsetting assets of jinke group
2024-10-01
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on the evening of september 30, jinke services (09666.hk) announced that because jinke group failed to repay the principal and accrued interest in accordance with the loan agreement, the company had filed a lawsuit against jinke group in the chinese court.
on march 29, 2024, the chongqing first intermediate people's court issued a "mediation letter", confirming the breach of contract and requiring jinke group to repay the loan principal of rmb 1.5 billion and the corresponding accrued interest. since jinke group failed to fulfill its repayment obligations on time in accordance with the "mediation letter", the company subsequently applied for judicial enforcement to the chongqing no. 1 intermediate people's court. in order to facilitate judicial enforcement and settlement of receivables, the company hereby seeks independent shareholder approval for debt settlement authorization. up to now, the total amount receivable from jinke group due to the loan agreement is approximately 1.638 billion yuan. jinke shares is the major shareholder of jinke services, with a shareholding ratio of approximately 26.38%.
jinke services said that due to the breach of contract and in accordance with applicable chinese laws, jinke services needs to urge its member companies to cooperate with the group in conducting a judicial auction of offset assets in accordance with the "mediation letter" to pay off the receivables. the proceeds from the judicial auction, after deducting relevant expenses, will be used to repay accounts receivable. if there are any offsetting assets that cannot be sold through judicial auctions ("remaining offsetting assets"), the company intends to acquire the remaining offsetting assets at the settlement price agreed with jinke group to offset the remaining receivables on an equal basis. item. the offset assets include 17,935 parking spaces; and 6 commercial property projects with a total construction area of 14,545.59 square meters. all offset assets have obtained formal property rights certificates and are valued at approximately 1.071 billion yuan.
jinke services said the debt settlement authorization will enable the group to recover most of its receivables from jinke group. proceeds from the sale of any offsetting assets through judicial auctions will be used to repay receivables. for any remaining offsetting assets, the group will acquire the remaining offsetting assets to repay the receivables on an equal basis. the repayment price will be determined by the company and jinke after arm's length negotiations with reference to the judicial valuation results conducted by the relevant chinese courts. determination, in any case, shall not exceed the liquidation price ceiling. the group will transfer the remaining offsetting assets to its third-party suppliers to repay other amounts due by the group to the relevant suppliers, or sell or lease the remaining offsetting assets to third parties in exchange for cash. since jinke group is undergoing debt reorganization management, the company will declare claims to the reorganization administrator for any balance of receivables, continue to monitor the reorganization progress of jinke group, and take necessary legal measures in a timely manner to collect as much as possible respond to receivables.
the paper reporter li xiaoqing
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