Donghao oil entered a comprehensive restructuring

2022-09-23
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Join hands with Lide fortune Donghao oil to enter a comprehensive restructuring

join hands with Lide fortune Donghao oil to enter a comprehensive restructuring

China Construction machinery information

Donghao oil group, which is plagued with huge debts, is about to usher in the dawn. Recently, it was learned that Donghao oil group is currently working with Lide fortune group to carry out relevant restructuring work, and Donghao's lubricant production base in Jiading has also fully resumed production after the National Day holiday. In the view of minchunguang, the founder and chairman of the company, it is the greatest comfort for him to make the lubricant brand "Donghao" shine

the reason is the specific habits of users and the full start of the reorganization of Lide fortune group.

this newspaper exclusively reported in early September that the phase liquid crystal polymer that Donghao oil group fell into the quagmire of capital chain fracture due to 1.2 billion yuan of debt is a high molecular material that can form a liquid crystalline state under certain conditions. Later, it was also learned that its lubricant production base in Jiading had "stopped work for materials" in mid September, However, the purchase orders placed by dealers before the peak season are facing the dilemma of "truss aerial work platform jg/t5104 ⑴ 998 without meters"

however, Donghao oil group's determination to protect the "Donghao" brand made all parties in the market calmly deal with it, and the restructuring work was also carried out smoothly after the news was exposed

it is understood that on September 16, after several days of consultations, Donghao oil group signed a cooperation agreement with Shanghai Lide wealth Asset Management Co., Ltd. on the restructuring issue with the strong consensus and support of all sectors of society and all partners. On September 28, in order to provide investors with credible data reports and further accelerate the pace of restructuring, Ernst & young, one of the world's four largest accounting firms, also officially entered Donghao oil group

"the cooperation with Lide wealth group is mainly about the reorganization of creditor's rights and debts, the disposal of assets, the reorganization of business segments, and the introduction of investors. Ernst & Young's cooperation is mainly about the sorting of financial data, the control of cash flow and other aspects." Wang Jing, vice president of Donghao Petroleum Group, said

it is understood that at present, Donghao oil group has reached preliminary intentions with some financial investors and strategic investors. In view of the confidentiality period, it cannot be announced. However, Wang Jing said that strategic investors are mainly physical enterprises with base oil refinery units in the upstream of the oil industry. "Based on the continuous decline of crude oil prices, upstream profits are increasingly compressed, and downstream profits are also concerned by upstream enterprises. In the changing situation of the industry, the crisis of Donghao oil is turning into new development opportunities."

"financial investors are different from strategic investors. They often focus on sectors that are more" money burning ", such as the automotive after-sales service market. At present, Donghao Shanghai has nearly 30 directly operated automotive maintenance stores, which are generally in the expansion period, but fund and financial investors are very optimistic about the automotive after-sales service market." Wang Jing said

recently, it has been noted that enterprise capital and social capital are very optimistic about the automotive after-sales service market, and are also entering this field on a large scale. For example, SAIC Group has invested heavily in the construction of "SAIC a station" integrating online and offline. According to the plan, station a will open 100 stores in Shanghai in the next four years, and 1000 stores will be arranged in first tier cities across the country. The tentative overall target is 2000 stores

as for the introduction of new investors, min Chunguang said, "as long as the brand 'Donghao' can be developed, how many shares I personally hold is not so important. I welcome investors to embrace Donghao oil group."

Jiading factory production line recovery

there is still hope to expand the scale

after the outbreak of the debt crisis, in order to ensure the stable development of the market, Donghao actively sought financial channels and industrial partners

according to the head of Donghao's production department, during the transition period of the group's restructuring, the factory operation was basically normal. In order to enhance the flexibility of production scheduling, speed up the production line and the delivery of finished products, and strictly control the quality of lubricating oil products, Donghao adopted a series of ways and methods that are easy to operate and simplify the process. For example, simplify the purchase varieties of base oil

this means that all series of lubricants produced by Donghao adopt high-grade imported class II hydrogenation base oil and imported fully synthetic oil (manufacturers include: South Korea Caltex GS base oil, Formosa plastic base oil, Mobil fully synthetic oil). At the same time, all composite additives use the products of international first-line manufacturers (the manufacturers are Chevron and yafuton of the four major international additive companies). Therefore, the actual performance of many conventional low-grade lubricants, such as SG and CF-4, may far exceed the national standards and American API standards

it is reported that at present, it is in the peak season of lubricant sales. In order to support Donghao, a national brand, dealers are full of confidence in the follow-up cooperation after understanding the recent situation of Donghao and successively inspecting the production line, and have already paid money in succession. At present, the production line of Jiading factory has resumed operation at full speed, and is expected to further expand the production scale, so as to further shorten the delivery cycle

in addition, the business daily also learned that in order to ensure the stability of Donghao bank's credit business, the Shanghai Banking Association issued a statement that it would hold a banking industry conference on Donghao's debt crisis to ensure that all credit banks would not withdraw loans, would not gradually eliminate varieties with high quality and safety risks, and would not urge loans, giving Donghao more time to complete the restructuring. At the same time, several banks, on behalf of all creditor banks, said that they would actively cooperate with the restructuring of Donghao oil group and help Donghao oil in its future development

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