Case of Acquisition and Restructuring: Dehui Group’s Acquisition and Restructuring of Chemland Industrial Co., Ltd. and CCS (Shanghai) Functional Films Industry Co, Ltd.

文章摘要 本文以德辉集团收购重整两家技术型公司为例,阐述收购重组中的法律要点。因目标公司技术优势但债务缠身,收购方通过股权转让与增资两步方案实现收购与资本重组。法律顾问开展全面尽职调查,评估不同方案优劣,调整股权结构,处理关联交易、债务重组、老股东补足出资及退出、国有股权转让定价、股权激励、资金支付监管等法律问题,并参与谈判、起草协议、监督交割。实务价值在于为困境企业收购重整提供结构化交易设计与风险控制范本。

Both Chemland Industrial Co., Ltd and CCS (Shanghai) Functional Films Industry Co, Ltd. were established by one technical expertise, the former is a fine chemicals enterprise specializing in development, manufacture and sales of functional film coatings for coated products; the latter is the only enterprise in China which can manufacture all series backlight module using the optical film products including diffusion film, prism film, micro - permeable membrane, membrane, etc.  The two companies have developed quickly for their advanced technology and popular products; however, they were at the corner of closing due to being involved in many debt disputes for reasons on management and operation. Shanghai Dehui Group is an innovation group on science and technology combining science and technology, industry and finance which owns rich experiences on industry investment and integration.  Therefore, Dehui Group decided to acquire these two companies and increase the capital to conduct overall restructuring and integration to fully give play to their technical advantages.

As the legal consultant of Shanghai Dehui Group, legal team of Chambers Yang has provided full-scale legal services for this acquisition and restructuring.  The legal team addressed several issues to be taken care of during the acquisition and restructuring based upon the all-round legal due diligence on the two companies; in addition, team also analyzed and conducted researches on the advantages and disadvantages of different acquisition and restructuring programs to put forward legal proposals on the possible and potential risk and its prediction, avoidance, reduction and control. Considering the status that part of old investors held the equity of Chemland while part of old investors jointly held the equity of CCS with Chemland, also considering the status that the value of assessment of the two companies were far below their registered capitals and cannot be conducted discounted capital increase, the original equity structure shall be changed as each investor respectively holding the equity of the two companies by the same proportions, thus to realize the independent operation, independent capital operation and further restructuring of the two companies, and to equally protect the interest of each new and old investor, also to specify the investment interest of each party. To this end, we have designed the two-step program of equity transfer and capital increase; and, we have also calculated the price and proportion of equity transfer by mathematical model. The acquisition, capital increase and restructuring program has also resolved many legal issues including affiliate transaction, debt restructuring, supplementation of capital contribution by part of old investors, exit of part of old investors, transfer and pricing of state-owned equity, equity incentive and source of fund, payment and supervision of equity transfer price, arrangement on the offset of equity transfer price against the capital increase.

In addition, we also participated in the business negotiation relating to the transaction and put forward legal proposals on relevant issues; drafted the legal documents relating to the transaction including but not limited to a blanket agreements of framework agreement, investment agreement, equity transfer agreement, capital increase agreement, articles of association, relevant shareholder resolutions, BoD resolutions; reviewed the business documents (including but not limited to loan agreement, mortgage agreement and guarantee agreement) relating to the transaction and put forward legal proposals; reviewed the performance of the preconditions of the transaction and supervised the completion of such transaction.

杨春宝一级律师简介

杨春宝一级律师,大成上海高级合伙人、资本市场部主任、国资基金研究中心主任,大成中国区私募基金专业带头人、科技与文化法律研究中心联合牵头人。执业30余年,长期从事私募基金、投融资、并购重组法律服务,尤其对对赌研究颇深且具有非常丰富的实战经验,并专注于金融机构股权投资业务。2004年起多次入选The Legal 500"私募基金"和"公司与商业"等境内外各类律师榜单,代理的中国法院首例适用外国法律审理外国公司的董事损害小股东权益纠纷案入选上海高院发布的《上海法院域外法查明典型案例》和威科先行"要案头条"。入选上海涉外法律人才库、上海市司法局鼎新法治人才库、上海国有企业改制法律顾问团,具有上市公司独立董事任职资格,系多家知名高校的兼职教授或兼职研究生导师及上海市商务委跨国经营人才培训班讲师。出版《私募股权投资基金风险防控操作实务》等16本投融资法律专著。了解更多

常见法律问题

收购陷入债务困境的技术型企业时,如何设计交易结构?

①法律概念与规则解释:收购困境企业需要综合运用股权收购、增资、债务重组等工具,通过交易结构设计实现控制权转移与资本充实。股权转让与增资是两种基础路径,前者实现存量股权转移,后者注入增量资金改善资产负债结构。实际操作中,可组合为分步交易,以规避出资瑕疵、估值倒挂等障碍,并保障新老股东利益平衡。②案件事实与实务场景引用:本案两家目标公司拥有先进技术但涉多起债务纠纷濒临关闭,且评估值远低于注册资本,无法直接进行折价增资。同时,部分老股东对两家公司交叉持股,结构复杂。法律团队设计了股权转让加增资两步方案,先按相同比例调整两家公司股权结构,使各股东分别持有两公司股权,实现独立运营,再实施增资,妥善处理了关联交易、债务重组、老股东出资补足及退出等问题,并计算了转让价格与比例。③实务指引与风险提示:设计此类交易时,应首先对目标公司进行全方面尽调,摸清债务、股权、资产状况;其次分析不同方案下的税负、程序及可行性;注意评估值与注册资本倒挂时不能简单折价增资,可先调整股权结构。同时,需对国有股权转让履行评估及进场程序,价款支付应设监管账户并按交割节点支付。对老股东无法补足出资的,应明确退出机制或股权稀释方案,防范后续出资争议。

在处理被收购公司债务纠纷时,法律顾问应关注哪些风险点?

①法律概念与规则解释:被收购公司的债务风险包括未披露担保、涉诉事项、税务欠缴、对外负债等。收购方需通过尽职调查全面核查,并设计债务隔离或重组方案。债务重组可通过债权转移、债务和解、以物抵债等方式,但须遵循债权人合法权益保护原则,避免恶意逃废债。关联交易应确保定价公允、程序合规,防止损害公司及债权人利益。②案件事实与实务场景引用:本案中两家公司因管理经营问题卷入多起债务纠纷,面临关闭。法律团队基于全面尽调,识别出债务风险,并在收购方案中专门处理了关联交易、债务重组、股权转让价款与增资款项的抵销安排。还审查了与交易相关的贷款合同、抵押合同和担保合同,对交易价款的支付与使用进行监督,确保债务偿还与资金安全,体现了对债务风险的系统管控。③实务指引与风险提示:实务中应要求目标公司提供完整债务清单和诉讼档案,通过公开渠道核查涉诉与执行信息。对提供担保的资产应评估追偿风险,并在交易文件中要求转让方对未披露债务作出赔偿承诺。债务重组方案需与主要债权人提前沟通,避免单个债权人采取冻结等措施。价款支付与债务清偿挂钩,可设立共管账户。同时注意审查相关担保合同的有效性,防范股权收购后承继历史债务带来的连带责任。

收购方如何保障交易价款支付安全及完成交割?

①法律概念与规则解释:股权收购中的价款支付安全是交易核心问题。常见保障措施包括分期支付、第三方托管、对赌条款、履约担保、交割条件设置等。法律上需要明确价款支付与股权交割先后顺序,以及目标公司控制权转移节点。增资款支付则与增资完成、工商变更等条件挂钩,确保资金不被挪用。②案件事实与实务场景引用:本案交易设计了两步方案,涉及股权转让和增资,法律团队计算了转让价格与比例,并专门安排了股权转让价款的支付与监督机制,以及价款与增资款的抵销安排。同时,法律团队参与商业谈判,起草框架协议、投资协议、股权转让协议、增资协议、章程及股东会董事会决议等文件,并审查贷款、抵押、担保合同,还核查了交易先决条件的履行情况,监督整个交易完成,确保价款支付与交割进程可控。③实务指引与风险提示:实务中建议采用分期付款方式,将款项支付与目标公司交接、债务清偿、股权变更登记等节点绑定。重要交易可引入银行托管或律师事务所共管账户。若存在老股东需补足出资的情形,可要求其先补足再办理增资。对于国有股权,须注意评估备案和产权交易机构程序,价款支付需符合相关规定。交易文件应明确先决条件清单,并在交割日进行闭环审查,防止未满足条件即支付款项。同时做好交割后过渡期管理。

以上内容仅供参考,不构成法律意见。如需专业法律服务,请联系杨春宝一级律师:chambers.yang@dentons.cn

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