When everyone pays close attention to whether or not the United States rescues the three largest automobile giants in the United States, no one thinks that the car fortress will collapse from another place.

Germany, the country considered to be producing high value-added mechanical products, has become the first place where the auto industry collapsed.

The Timmerton company, headquartered in Leverkusen, Germany, will announce the bankruptcy of four German subsidiaries. On Friday, the TMD Company has submitted applications to the administrative courts where the four German subsidiaries are located to enter bankruptcy proceedings. Now, the administrative court has appointed Frank Kebekus, an expert in economic law, as the bankruptcy administrator of TMD.

Hedge fund suffers from Waterloo

The bankruptcy of four subsidiaries of TMD has caused people to worry more about the fate of their investors. Similar to Chrysler’s fate, Timmerton changed hands several times.

In 2000, the British private equity fund Montagu bought Tummerton for 776 million euros. Obviously Montagu is not a company, but a typical barbarian on the doorstep of Wall Street. They continue to pay a high percentage of dividends and a large proportion of borrowing money, and transfer money from Temington's pocket to their own hands. (This does not make any difference with those major shareholders who squandered China's listed companies.) When TMD became highly indebted and in a difficult position, Montagu had to find a way out. However, greedy Montagu company will not spit out the benefits, so they look for ways to repay debts. Finally in 2006, as a creditor of TMD, a hedge fund group promised to make the deal.

Now, a number of hedge funds have become shareholders of TMD, including Davidson Kempner, Clearwater, and Eos. This time, they can be miserable.

Despite the large-scale restructuring and restructuring of TMD, the structure of the bull market in the automotive market from 2006 to 2007 can continue.

With the global economic crisis and the declining auto industry, Timmerton’s funding has seen no turning around.

Although TMD will not fall into the overall situation, the current situation is obviously not optimistic. The company that was originally worth 776 million euros is now estimated to have fallen so badly. Davidson Kempner, Clearwater, and Eos really reached out to get a hot potato. This gives a firm set. Really became the first hedge fund family to be "killed" by the automobile recession.

Think of it, or a Chinese company is smarter. In 2007, it started to dispose of the brake pads related assets. On December 29, 2007, the Zhejiang Property Rights Exchange announced that 100% equity of Hangzhou Hangzhou Friction Material Co., Ltd. had been transferred. On December 29, 2007, through the agreement, the transferee and transferee parties formally signed the "Hangzhou Hangzhou Friction Material Co., Ltd. 100% equity transaction contract." The seller’s listing price is 31.85 million yuan.

The 100% equity of Hangzhou Hangzhou Friction Material Co., Ltd. includes the Timmerton joint venture company in China. That is, the book value of the 35% equity investment of Hangzhou Thamminton Friction Material Co., Ltd. is RMB 72.

Will the bankruptcy tsunami harm China?

TMD company can be regarded as a world-renowned brake company. After the bankruptcy of 4 factories, it will affect other factories. It should be noted that TMD has assets in 11 countries around the world. Including China, TMD has a total of 15 factories that produce braking and braking systems, and employs 4,500 people worldwide.

It seems that TMD and his hedge funds are ready in advance. Because in the current corporate model, companies in Europe, the Americas, and Asia are all affiliated with headquarters in Luxembourg. temporarily. Don't worry about bankruptcy.

However, who knows what will happen in the future? After all, he has several joint venture companies in China, such as Hangzhou Taimington Friction Material Co., Ltd. and Shijiazhuang TMD Friction Materials Co., Ltd.

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