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-,*,-,Click to add title,Click to change format,Level 1,Level 2,Level 3,SHA-4309-03690-08-15d.PPT-x,D.Restructuring options,SHA-4309-03690-08-15d.PPT-x,D1.Generaloptionsandpre-selection,SHA-4309-03690-08-15d.PPT-x,In China,asfarasforeigninvestment enterprise isconcerned,there existthree main restructuringcategories,Restructuring ofinvestmentprojectsinChina,Turnaround of JV,Equity structure,restructuring,Withdrawal,SHA-4309-03690-08-15d.PPT-x,On the basisoffavorable results ofmarketandcompetitiveanalysis,option category IandIIaremostcommonly used for companies,long-termdevelopment,Charact-eristic,Option 1:Turnaround ofJV,Option 2:Equity structurerestructuring,Performanceimprovementwithoutchangingtheequitystructure,Performanceimprovementwithequitystructure change,Buyout,Option 3:Withdrawal,Withdrawal fromexistinginvestmentprojects,Selloutequity,Termination,Bankruptcy,Freezing(walk away),Examples,Bosch Siemens,Siemens,Bayer,Henkel,ABB,Dinova,BOSCHThermoTechnik,Lindeforklifter,Whirlpool,srefrigeratorJVinBeijing,Peugeot Guangzhou,Liebherr,Siemens,SHA-4309-03690-08-15d.PPT-x,Thegeneralmethodologyistofilteroptionswith killercriteriaandhardcriteriatoscreenout restructuringalternatives,Potentialoptions,Pre-selection,In-depthevaluation,Conclusion,Restructuring alternatives,Killercriteria,Hard criteria,Solvekeyproblems,Securefuture success,General,Cost,Time,Risk,Integration(GSHA-GDAI),Sales&marketing,Management,Others,Procedure,Implementation,SHA-4309-03690-08-15d.PPT-x,Atpre-selection stage,turnaround,sell outequityand freezing canbeeliminated withkiller criteria,Pre-selection,Chinese Partnerin?,Killercriteria,Solvekeyproblems,Securefuture success,Pass?,Remarks,I.Turnaround,II.Equity structurerestructuring,-Equitybuyout,III.Withdrawal,(1)Selloutequity,(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,Its veryhardtoimplementfuture integration andconsolidation withoutfullcontrol theboardofdirectors,Geberit gains fullcontrol,Its almostimpossible to findabuyer,It opens the way fora new start,It opens the way fora new start,Freezing will ruin Geberits relation with local government,thuscausing potential hurdleforfuture presenceandtrouble toGDAI,SHA-4309-03690-08-15d.PPT-x,Termination,To cease operation and liquidate the JV,Freezing,Withdraw all foreign management team and expatriate employees and leave the JV to Chinese partner without file termination or bankruptcy.Its an illegal but widely adopted practice in China,Buyout,To buyout the equity ownership from Chinese partner,thus turning the JV into a wholly foreign owned enterprise(WFOE),Bankruptcy,To file bankruptcy and liquidate the JV.If the creditor is JVs foreign parent company,to file bankruptcy by creditor is theoretically possible but practically infeasible in China,Back-up,Definitionof some options,SHA-4309-03690-08-15d.PPT-x,Somekey problems ofGSHAareclosely linkedto the Chinesepartner.Aclean break can only beassured bya separation,The VGM ofLidamaintainsan unofficialnetwork consisting of former Lida-employees.He often uses this network tosecure hispersonalinterests,SincethisVGMhasdirectaccesstopersonnelfiles(Fuehrungszeugnis)someemployeeswereblackmailediftheydidn,tcooperatewithhim,In context with the Nanxiangproduction site theVGM should have accepted a considerable amount ofkickbacks,said someformerGSHAsemployees,Back-up,SHA-4309-03690-08-15d.PPT-x,Key statementfrom some former GSHAemployees onMr.Cai(1),There is no cooperation between twopartners fromthe very beginning.Mr.Caisaid we make thisjoint venturebankrupt in 3years.We canrestartagainby ourselves.It does notmatterthat Geberitis losing money in China.Ittook Geberit10 years to make profits overseas,it needs the same time in China aswell.Anyhow,it is Geberits money.Mr.Cai has extensive network in the industrybut hedoes not useit forGeberitproducts.Incontrast,he introduced thebusiness for other companiesthat have close relationship withhim.,All theimportant decisionsregarding personnel recruiting aremade byMr.Cai.MrSchuette doesnot andis notable to influence these decisions.Some of thesedecisions areagainst Geberits interests,for example,some Chineseemployees intend notto do the workproperly andsome key persons in key positions are notqualified,such as production,stock control,CCSetc.,The control system inthe company is totally scrapped.At the beginning of the jointventure,about RMB600K machines and 100 moulds were lost without anyrecord.The warehouseonly checks the bookrecords rather thanreal goods.Asa result there is difference between thebook number and the real amount.This is especially serious onthe incoming raw materials.They suspect that some financial accounts,especially done by Mr.Chang daohua,arefalse.The so-calledscrapped products andthe waste rawmaterials aresold in a nottransparent way,i.e.no specificprice and no invoice.The responsible person is appointed by Mr.Cai.Due tothe poor control system in all areas wasteis hig