“化债”方案一波三折南通光伏龙头14亿债务难解

Core Viewpoint - The article discusses the financial struggles of Oubeli New Energy Technology Co., Ltd., a prominent player in China's photovoltaic industry, due to intensified competition and international trade barriers, leading to a debt crisis and subsequent legal disputes over debt restructuring agreements [1][2][3]. Company Overview - Oubeli was established in 2006, initially achieving significant sales and tax contributions, with a peak sales figure of 33.93 billion yuan and tax payments totaling 1.108 billion yuan from 2006 to 2018 [2]. - The company faced severe financial difficulties, accumulating over 1.4 billion yuan in debt to 17 banks, which ultimately led to its operational collapse [2][3]. Debt Restructuring Efforts - In 2020, a debt restructuring plan was initiated by the Haian government, involving a partnership with Jiangsu Ruihai Investment Holding Group to manage Oubeli's debts through real estate development [4][5]. - The restructuring plan included converting 276 acres of Oubeli's land for commercial and residential use, with projected revenues of 1.117 billion yuan and profits of 420 million yuan from the development [5][6]. Legal Disputes - In late 2023, Ruihai Investment unexpectedly filed lawsuits against Oubeli, demanding repayment of the original debt amount, contradicting the previously agreed restructuring terms [1][6]. - The court proceedings revealed that Oubeli argued the debts were part of a larger restructuring agreement, which had not been fulfilled due to delays in land transfer and development [7][10]. Current Status - As of July 2024, the court ruled in favor of Ruihai Investment, ordering Oubeli to repay the principal and interest on the loans, leading to further complications in the restructuring process [8][12]. - Oubeli has appealed the decision, asserting that the restructuring agreement should supersede the original debt obligations, and that the government had a role in facilitating the debt resolution [12][13].