Gaohe Automobile issued a letter to car owners and friends: Officially announcing judicial pre-reorganization, going all out to save themselves and 'rebirth'

[ITBEAR] According to news on August 10, Gaohe Automobile issued an important announcement to car owners on its official website last night (August 9). In this announcement titled "To Friends of Gaohe Car Owners", the company announced a major decision: Gaohe Automobile has officially entered the judicial pre-reorganization stage. This move is intended to explore a "rebirth" path for enterprises through active self-rescue measures to effectively cope with the current predicament.

The complete content of "To Friends of Gaohe Car Owners" is as follows:

1. Hello everyone, friends of car owners.
2. I haven’t communicated with you for a long time. Car owners and friends must also be very concerned about the current progress and status of Gaohe Automobile.
3. I believe everyone will have a lot of questions and confusion after seeing yesterday’s decision by the People’s Court of Yancheng Economic and Technological Development Zone on agreeing to launch the judicial pre-reorganization of Chinese Horizons (Jiangsu) Technology Co., Ltd.
4. What we want to explain to you is that there are serious problems with the expressions of some self-media and media reports on the Internet. Gaohe Automobile is currently officially entering judicial pre-reorganization.
5. This pre-reorganization system can give full play to the management control rights of the enterprises to be reorganized over themselves, and help enterprises in trouble find solutions as soon as possible through self-rescue through the negotiation and autonomy of the common interests of them and related entities under legal protection. A more effective solution to "rebirth".
6. The judicial pre-reorganization process can effectively save time and costs, pool the resources and funds of all benefit-sharing parties, and improve the efficiency of reorganization.
7. The most important thing is that pre-reorganization "advance" can reorganize through agreement and dispose of debts in batches according to a uniform plan; "exit" can exit the procedure at any time, which has great flexibility and cooperation in resolving debts and realizing reorganization. Regularity.
8. This judicial pre-reorganization is an important turning point for gradually resolving the current predicament of Gaohe Automobile. It is also the government, court, shareholders, and intended investors recognizing the value of Gaohe Automobile, and with the intervention of judicial effectiveness, it will promote Chinese Horizons to solve the creditor problem as soon as possible. It is a crucial step to formulate a restructuring and regeneration plan that is in the common interests of all parties.
9. Judicial pre-reorganization is the first step. After reaching an agreement on judicial pre-reorganization, we will proceed with judicial reorganization. In this way, our agreement with the creditors can be locked in, and the company will officially be on track.
10. The question that car owners are most concerned about is: "Does Gaohe have to wait until the restructuring process is completed before it can start? 6 months? 9 months?" After the restructuring process is started, the first thing to achieve is user after-sales service normalization, followed by the parallel advancement of “reorganization and non-stop production”.
11. With the strong support of the government and shareholders, and under the protection of the law, we will carry out in-depth and effective communication with relevant intended investors, actively negotiate with creditors, investors, etc., to promote an early resumption of production. This can also help the company get back on track as quickly as possible.
12. "Judicial pre-reorganization" is not "bankruptcy reorganization", let alone "bankruptcy liquidation".
13. With the support of the government, the understanding of car owners and friends, the company of partners, and the help of stakeholders and intended investors, all Gaohe employees who stick to it will fight to the end together and work hard to resume work. Resumption of production, while fully ensuring after-sales service for car owners and friends.
14. Thank you again to all car owners and friends for your understanding and tolerance!
15. Let us look forward to the rebirth of Chinese Horizons as a phoenix and its early rebirth!

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