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- * - * - * - * SHA-4309-03690-08-15d.PPT-x D. Restructuring options SHA-4309-03690-08-15d.PPT-x D1. General options and pre-selection SHA-4309-03690-08-15d.PPT-x In China, as far as foreign investment enterprise is concerned, there exist three main restructuring categories Restructuring of investment projects in China Turnaround of JV Equity structure restructuring Withdrawal SHA-4309-03690-08-15d.PPT-x On the basis of favorable results of market and competitive analysis, option category I and II are most commonly used for companies’ long-term development Charact-eristic Option 1: Turnaround of JV Option 2: Equity structure restructuring Performance improvement without changing the equity structure Performance improvement with equity structure change Buyout Option 3: Withdrawal Withdrawal from existing investment projects Sell out equity Termination Bankruptcy Freezing (walk away) Examples Bosch Siemens Siemens Bayer Henkel ABB Dinova BOSCH Thermo Technik Linde forklifter Whirlpool’s refrigerator JV in Beijing Peugeot Guangzhou Liebherr Siemens SHA-4309-03690-08-15d.PPT-x The general methodology is to filter options with killer criteria and hard criteria to screen out restructuring alternatives Potential options Pre-selection In-depth evaluation Conclusion Restructuring alternatives Killer criteria Hard criteria Solve key problems Secure future success General Cost Time Risk Integration (GSHA-GDAI) Sales marketing Management Others Procedure Implementation SHA-4309-03690-08-15d.PPT-x At pre-selection stage, turnaround, sell out equity and freezing can be eliminated with killer criteria Pre-selection Chinese Partner in? Killer criteria Solve key problems Secure future success Pass? Remarks I. Turnaround II. Equity structure restructuring - Equity buyout III. Withdrawal (1) Sell out equity (2) Termination (3) Bankruptcy (4) Freezing Yes No Yes No No Yes No Yes No Yes Yes No No Yes No Yes Yes No No Yes No Yes Yes No It’s very hard to implement fu