On January 3rd that Weimar Motors is one of the first domestic new forces to achieve mass production and delivery, and was once known as the “Four Little Dragons of New Forces” along with NIO, Xiaopeng Motors, and Ideal Motors. However, after a brief moment of glory, Weimar Motors is finding it increasingly difficult to keep up with the development of new energy vehicles.
Today, WM Motor announced on its official Weibo account that after the court accepted its pre-restructuring application in October 2023, the WM Group has completed audit evaluations, debt claims, asset verification, and preliminary negotiations with multiple potential investors. In light of this, on December 13, 2023, the WM Group officially submitted the application for pre-restructuring to restructuring to the Shanghai Third Intermediate People’s Court. On December 29, 2023, the Shanghai Third Intermediate People’s Court ruled to accept the case, and on January 2, 2024, the “Civil Ruling” was delivered to the WM Group.
WM Motor also claimed in the announcement that potential strategic investors generally believe that, despite the current liquidity crisis facing WM Motor Group, it still “has certain value and potential” in product technology, industrial chain, market operation, and manufacturing capabilities. After multiple evaluations, WM Motor Group has the value to undergo restructuring, and the restructuring has strong feasibility. WM Motor Group will actively cooperate with the work arrangements of the administrators and the court, strive to overcome the difficulties, restore operational capabilities, better protect and realize the legitimate rights and interests of users, employees, shareholders, creditors, and achieve good social and economic benefits.
On October 18 last year: the company did not apply for bankruptcy, and pre-reorganization is different from bankruptcy reorganization. It is a self-rescue behavior carried out in the early stage of the company’s difficulties, aiming to introduce strategic investors through debt restructuring, avoid bankruptcy, and achieve rebirth and transformation. Related reading: “Weimar Motors: Did not apply for bankruptcy, core positions are operating normally, founder Shen Hui did not run away”