On the morning of May 11, the market heard the news that "park new education declared bankruptcy". It was said that park new education issued the notice of appointment of joint liquidators and announced that the company entered the bankruptcy liquidation procedure. In this regard, park Xin education responded that the interpretation of the so-called Park Xin bankruptcy is not accurate. Park Xin Education said that PAG (taimeng) fund invested in Puxin Limited (listed entity) in the form of convertible bonds in early 2021.
On December 31, 2021, according to national policies and regulations, park Xin education stripped K12 business from Puxin limited, and the listed entity still retained the overseas study business and full-time business to continue to operate.
"In terms of the company's current assets and liabilities and the overall situation, debt restructuring is undoubtedly the most favorable plan for all creditors, that is, to maintain the existing business and corporate structure, achieve positive cash flow and profits through continuous operation improvement, and then gradually return the funds of creditors." Park Xin Education said that based on this principle, the company will continue to operate and try its best to achieve the goal of being responsible for customers, employees, suppliers, creditors and shareholders.
However, the reporter noted that on May 10, the New York Stock Exchange said it would start the delisting procedure of Park Xin education's depositary shares in the United States. Previously, Park Shin education has issued an announcement and was ordered to be wound up by the Grand Court of the Cayman Islands in accordance with the company law of the Cayman Islands on April 29, 2022. At the same time, the Cayman Islands court has appointed relevant personnel as the joint formal liquidator. As the court has ordered the company to be wound up, the ordinary shares of Park Xinyu's American depositary shares trading were suspended by the New York Stock Exchange on May 3.
According to public information, Puxin education technology group was established in 2014 and jointly founded by a number of senior executives who have been involved in the education and training industry for more than 15 years. Through the development mode of investment, M & A and post investment management, Puxin education has integrated more than 50 brands within four years to form a business system with K12 counseling and studying abroad as the core. On June 15, 2018, park Xin education successfully landed on the New York Stock Exchange. As of press time, the share price of Puxin education is quoted at $1.36, which is far from the issue price of $17 on the first day of listing.
