nashuaworldcup Chapter 181 Dividing Pan American’s Assets
Chapter 181 Dividing Pan American’s Assets
Two days later, the information about Pan American's assets was placed on Wang Lei's desk.
The assessments given by Cayman Capital and Three Stones are not optimistic.
Since the 80s, Pan American has been experiencing year-round losses amid the Great Depression.
Under such circumstances, the management made wrong predictions and continued to expand on a large scale.
Just before the company went bankrupt, Pan Am placed an order for five A320s with Airbus.
With most businesses losing money, its InterContinental Hotels Group has become the only profitable project.
The InterContinental Hotel was regarded as the "hotel of tomorrow" at the time with its advanced facilities and innovative concepts.
Not only is it loved by business and tourist groups, it is also highly sought after by a large number of celebrities.
What makes Wang Lei distressed is that a few years ago, the current president wanted to solve the debt crisis.
Sold part of the InterContinental Hotel.
InterContinental Hotels, which originally had 47 hotels in 83 countries around the world, now has only 23 hotels left.
The remaining hotels are not optimistic either. Their management is disorganized and their brand value has plummeted.
"Time is also fate.
If Pan Am survives the past few years and the global economy picks up, it is entirely possible for Pan Am to turn a profit. "
Hearing this, Quan Jingjing nodded.
The economy of the beautiful country is indeed on the rebound, especially after the new chairman of the Federal Reserve took office, he implemented a series of monetary policies that stimulated the vitality of the capital market.
"Do you think it would be profitable to buy bankrupt Pan Am right now?"
"Yes, after I buy Pan Am, I will complete the order with Airbus, get new aircraft and put them into operation.
I plan to leave the hotel business to you.
I plan to hand over some of the aircraft to the newly established Sanshi Aviation Management Company. "
“I’ll run the InterContinental Hotels Company?”
Quan Jingjing felt very surprised, but she was very pleasantly surprised in her heart.
Wang Lei's willingness to leave the hotel to her shows that he has complete trust in her.
"Well, I plan to use the InterContinental Hotel as the base of operations for the Thousand Faced Fox."
As an international hotel that is highly sought after by the upper class, the InterContinental Hotel is indeed suitable for business.
"Then how can I intervene in this transaction?"
"Go buy a Sakurajima hotel chain, then contact Citibank and say you're interested in buying Pan Am's hotel business."
"Okay, I'll go get ready."
A few days later, the office of Citibank’s president.
Grasso looked at the asset transaction applications sent by the three companies with great interest.
"It's really strange. Pan Am's assets have been up for sale for almost half a year. No airline is willing to take over, and now three companies have come."
"President, it's a bit strange. I can understand why Hoshino (the Quanjing Mirror Hotel brand) has taken a fancy to the InterContinental Hotel. Why did the other two buy these assets?
Are they all interested in Pan Am’s aircraft and routes? "
Perhaps this is one of the reasons why they are willing to take over. "
Because of the oil crisis and the Great Recession, most airlines were not in a very good situation.
That's why no one cares about Pan Am's aircraft.
“President, this is a good thing, even if all Pan American’s assets are sold off, it will not be able to cover its debts.
With the three of them competing, maybe we can recover a little more loss. "
Grasso nodded, he felt the same way.
"I would suggest that the authorities hold a foreclosure and invite the three of them to participate."
The result was an almost unanimous response from the three parties:
"We are not here to be taken advantage of. If it is a bidding, we will directly withdraw from this competition."
Grasso didn't think much of it. Not every business is stupid.
These three companies were obviously here for the purpose of picking up the missing ones, so he simply decided to have a secret bid.
“We will sell to the one with the lowest bid.”
No matter what happens, Pan Am cannot die in their hands.
Wang Lei, who was far away in Hong Kong Island, immediately learned of Grasso's decision.
"Isn't the hidden mark just what I want?"
"Grasso was wary of us and set the lowest price for us."
"Quanjing, what's the lowest price?"
"$30 million!"
"You are really cunning. In my opinion, Pan Am's 200 planes can be sold for at most 40 billion U.S. dollars, and you have to pay taxes when selling the planes."
Wang Lei hugged Quan Jingjing and whispered.
Quan Jingjing nodded:
"Okay, that's what I'll do when the time comes."
……
The auction for Pan Am's assets was held at an InterContinental hotel in Los Angeles.
I don’t know who broke the news that Pan Am’s assets were about to be auctioned.
Many investors who had purchased Pan Am gathered in front of the hotel.
They are all poor people whose investments failed, and they are the ones who least want Pan Am to fall.
Meiliguo Company went bankrupt and the company's capital was entrusted to be auctioned.
The stocks in the hands of investors usually become a piece of waste paper!
Because according to the bankruptcy law of the United States, when the liabilities are greater than the assets, the shareholders' investment does not need to be returned.
In addition, after the company's assets are liquidated and repaid first to secured creditors and unsecured creditors, there is often very little left.
Therefore, these shareholders very much hope that a large company can reorganize Pan American's business.
In this way, Pan Am can still operate as usual, the stock can still be traded, and they have hope for a comeback.
This is also the reason why beautiful companies in the United States often survive for hundreds of years after applying for bankruptcy.
Because their own interests are involved, many investors raised signs:
"Reorganization! Resume trading!"
"Reorganization! Resume trading!"
The pressure on local officials who took over the entrustment doubled, and Grasso, the largest secured creditor, frowned slightly when he saw this scene.
"It's just a group of small shareholders, they can't decide anything."
But despite the overwhelming pressure, the official representative in charge of the auction was a bit defensive.
"Sir, if possible, I hope that part of the proceeds from the auction will be used to compensate for the losses of these shareholders."
Grasso said calmly: "Okay, let's start the auction as soon as possible."
Ni Pingnan and his assistants watched the scene at the hotel door with great interest.
"This can be regarded as the most unique landscape in the beautiful country."
The assistant who didn’t know the inside story analyzed seriously:
"Mr. Ni, I have a hunch that today's bidding will not be so peaceful."
"Come into the venue, no matter what, we will do our best!"
Next, Robert, the representative of Cayman Capital, also arrived as scheduled.
His appearance caused Grasso and his gang to stand up and greet him.
Cayman Capital is now one of the top ten investment banks on Wall Street, and Grasso is very enthusiastic as its owner.
"Brother, you have to go all out this time. Don't let the assets of the beautiful country fall into the hands of a group of outsiders."
Citibank owned 70% of Pan Am's shares at this time and was not only a creditor but also Pan Am's largest shareholder.
When the Hoshino Group, represented by Izumi Kyoko, appeared last, it immediately attracted the attention of the audience.
Ni Pingnan’s assistant couldn’t help but sigh:
"The girls on Sakurajima are so beautiful."
Unexpectedly, Quan Jingjing actually understood what he said and responded with a smile:
"Thank you. I appreciate the compliment."
The assistant was stunned and suddenly felt so embarrassed that he wanted to find a crack in the ground and crawl into it.