TCL is facing ongoing troubles brought about by the reorganization of its European business—the liquidation officer of the liquidation officer responsible for the liquidation of TTE Europe (TTE Europe) opened its doors to TCL claiming a loss of 723 million yuan. TCL announced yesterday that the liquidator had issued the first writ and second writ to TCL Corporation, TCL Multimedia and its related subsidiaries through the French Nanterre Commercial Court to sue the said company for seizure or transfer of TTEEurope customers, etc. 723 million yuan.
"The TTEEurope reorganization process is reasonable and legal." The TCL Group issued a statement to Southern Capital yesterday, saying that the TCL Group will actively defend itself in accordance with relevant legal procedures and is confident of successful defense. It is expected that there will be no major impact on the company's operation and financial status.
TTE Europe was once the main operating entity of TCL Multimedia's European color TV business, but due to huge losses, TCL throws out its European business restructuring plan in 2006 and hopes for “stop lossâ€. The reorganization plan includes: termination of sales and marketing activities for all TV sets except OEM business; reorganization of most of TTE Europe’s employees currently engaged in European operations in Europe; as part of the plan, some subsidiaries of TCL Multimedia Group in Europe Sales companies including Germany, Spain, Italy, Sweden, the Czech Republic and Hungary will be reorganized; TCL Multimedia Group will also realise its assets and inventory in Europe as appropriate.
According to the announcement, the company's holding subsidiary TCL Multimedia and its wholly-owned subsidiary TTEC Corporation and TTEEurope SA S previously with ThomsonS. A (French Thomson Group) reached an understanding agreement and TCL Multimedia restructured its European operations by terminating TTEEurope's original business activities to reduce the continuing losses of TCL Multimedia's European operations.
"TCL Group TTEEurope, after negotiating with creditors, based on TTEEurope could not completely pay off its current debt, filed a liquidation application on May 24, 2007, and issued a statement stating that its inability to pay back the debt was April 27, 2007. The French court later appointed a liquidator to TTEEurope to liquidate TTEEurope's assets and pay off its debts to its creditors.†The TCL announcement revealed that after the investigation, the liquidators issued the above two writs.
TCL Group issued a statement to Southern Capital yesterday and stated that the TTEEurope reorganization process follows the professional advice of local senior lawyers, strictly abide by French laws, regulations and rules, and has done its utmost to fully consider the rights and interests of the parties. "The Group will actively defend itself in accordance with relevant legal procedures. The lawyers of the Company are confident of successful defense. It is expected that there will be no major impact on the company's operation and financial status."
TCL has not provided accrued liabilities for this litigation matter at present, saying that it will issue an announcement on the progress of the case in a timely manner.
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Two Orders Claim 700 Million
The first writ of the TTE European company liquidation officer stated that TCL Group, TCL Multimedia and its wholly-owned subsidiaries illegally seized or transferred TTEEurope's customers and applied for a claim of EUR 20.7 million (approximately 187 million yuan); Unreasonable cost of employee retention plan, to pay 17.768 million euros (about 160 million yuan).
The second warrant stated that TTEC Corporation, a wholly-owned subsidiary of TCL Multimedia, issued a claim to transfer TTE Technology (a wholly-owned subsidiary of TTEEurope) from TTEEurope to TTEC Corporation, claiming a claim of EUR 34 million (approximately RMB 307 million).
"The TTEEurope reorganization process is reasonable and legal." The TCL Group issued a statement to Southern Capital yesterday, saying that the TCL Group will actively defend itself in accordance with relevant legal procedures and is confident of successful defense. It is expected that there will be no major impact on the company's operation and financial status.
TTE Europe was once the main operating entity of TCL Multimedia's European color TV business, but due to huge losses, TCL throws out its European business restructuring plan in 2006 and hopes for “stop lossâ€. The reorganization plan includes: termination of sales and marketing activities for all TV sets except OEM business; reorganization of most of TTE Europe’s employees currently engaged in European operations in Europe; as part of the plan, some subsidiaries of TCL Multimedia Group in Europe Sales companies including Germany, Spain, Italy, Sweden, the Czech Republic and Hungary will be reorganized; TCL Multimedia Group will also realise its assets and inventory in Europe as appropriate.
According to the announcement, the company's holding subsidiary TCL Multimedia and its wholly-owned subsidiary TTEC Corporation and TTEEurope SA S previously with ThomsonS. A (French Thomson Group) reached an understanding agreement and TCL Multimedia restructured its European operations by terminating TTEEurope's original business activities to reduce the continuing losses of TCL Multimedia's European operations.
"TCL Group TTEEurope, after negotiating with creditors, based on TTEEurope could not completely pay off its current debt, filed a liquidation application on May 24, 2007, and issued a statement stating that its inability to pay back the debt was April 27, 2007. The French court later appointed a liquidator to TTEEurope to liquidate TTEEurope's assets and pay off its debts to its creditors.†The TCL announcement revealed that after the investigation, the liquidators issued the above two writs.
TCL Group issued a statement to Southern Capital yesterday and stated that the TTEEurope reorganization process follows the professional advice of local senior lawyers, strictly abide by French laws, regulations and rules, and has done its utmost to fully consider the rights and interests of the parties. "The Group will actively defend itself in accordance with relevant legal procedures. The lawyers of the Company are confident of successful defense. It is expected that there will be no major impact on the company's operation and financial status."
TCL has not provided accrued liabilities for this litigation matter at present, saying that it will issue an announcement on the progress of the case in a timely manner.
link
Two Orders Claim 700 Million
The first writ of the TTE European company liquidation officer stated that TCL Group, TCL Multimedia and its wholly-owned subsidiaries illegally seized or transferred TTEEurope's customers and applied for a claim of EUR 20.7 million (approximately 187 million yuan); Unreasonable cost of employee retention plan, to pay 17.768 million euros (about 160 million yuan).
The second warrant stated that TTEC Corporation, a wholly-owned subsidiary of TCL Multimedia, issued a claim to transfer TTE Technology (a wholly-owned subsidiary of TTEEurope) from TTEEurope to TTEC Corporation, claiming a claim of EUR 34 million (approximately RMB 307 million).
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