*ST Jinglan (000711.SZ) disclosed the restructuring plan. This restructuring will be based on the current total share capital of Jinglan Technology...
According to the Zhitong Finance App, *ST Jinglan (000711.SZ) disclosed the restructuring plan. This restructuring will use Jinglan Technology's current total share capital as a base, and implement a capital reserve transfer to share capital at a rate of about 17.90921 shares for every 10 shares. A total of 1,833 billion shares will be transferred. The above transferred shares will not be distributed to the original shareholders, and all will be distributed and disposed of in accordance with the regulations of the restructuring plan. Of these, 1,233 million shares will be used to introduce investors and 600 million shares will be used to implement debt-for-equity swaps. All of the 9.6526 million performance compensation shares that Jinglan Technology has completed the repurchase of will be used to implement debt-for-equity swaps and will not be cancelled.
According to the notice, secured creditors with property have priority rights to receive compensation over the encumbered property. Where the secured property corresponding to a property secured claim has not been disposed of and realized, within the assessed value of the corresponding secured property, 20% will be fully settled in cash by Jinglan Technology during the execution of the restructuring plan, and 80% will be settled by Jinglan Technology by withholding debts. Employee claims will not be adjusted, and the full amount will be settled in cash during the execution of the restructuring plan. Tax claims and social security claims are not adjusted. For example, during the execution of the restructuring plan or after the execution of the restructuring plan is completed, creditors file additional tax claims and social security claims. After the relevant claims are determined in accordance with the provisions of the restructuring plan, Jinglan Technology will fully settle the relevant claims in cash.
Furthermore, for every 100 yuan, the full amount of ordinary debt is converted into debt to equity in accordance with the method of obtaining 9.15758563756 shares to be transferred to additional shares. A lock-up period for the transferred shares obtained by the ordinary creditors mentioned above will be set. The lockdown period will be lifted in three installments from the date Jinglan Technology transfers the first batch of shares to creditors until the expiration of 9 months.