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May 05, 2015 8:39 AM ET

Automobiles

Company Overview of Qoros Automotive Co

Company Overview

Chery-Quantum LLC manufactures cars. The company was founded in 2007 and is based in Wuhu, China. Chery-Quantum LLC is a joint venture between Chery Automobile Co., Ltd. and Israel Corporation Ltd.

Wuhu,  

China

Founded in 2007

Key Executives for Qoros Automotive Co

Chief Executive Officer
Age: 58
Chief Financial Officer
Director of Sales and Marketing Department
Compensation as of Fiscal Year 2014.

Qoros Automotive Co Key Developments

Qoros Reports Earnings Results for the Year Ended December 31, 2014

Qoros reported earnings results for the year ended December 31, 2014. Revenues were RMB 865 million ($140 million) in 2014 compared to revenues of RMB 13 million ($2 million) in 2013. Kenon's share in Qoros' comprehensive loss increased to $175 million for 2014, compared to losses of $127 million for 2013. The company's results of operation reflect the fact that Qoros is an early stage auto company, incurring significant expenses, including those relating to the launch of new models, but has not achieved significant revenues. Loss before taxes was $175 million.

Kenon Holdings Ltd. Agrees to Provides Rmb 400 Million Loan to Qoros Automotive Co

Kenon Holdings Ltd. has agreed to provide a RMB 400 million (approximately $64 million) loan to Qoros Automotive Co. Ltd. to support Qoros' ongoing development. Prior to Kenon's spin-off from Israel Corporation Ltd. (IC), IC provided a guarantee in respect of Qoros RMB 3 billion (approximately $480 million) credit facility. This guarantee by IC is a back-to-back guarantee of Chery's guarantee of up to RMB 1.5 billion (approximately $240 million) under this credit facility, and the obligation of IC under this back-to-back guarantee is up to RMB 888 million (approximately $142 million), including related interest and fees. In connection with Kenon's spin-off from IC, IC continued to provide this guarantee and Kenon entered into a $200 million credit facility with IC, and to the extent that IC is required to make payments under its back-to-back guarantee in respect of Qoros' credit facility, the amount of the loans owed by Kenon to IC under the credit facility will be increased accordingly. Additionally, prior to the spin-off, IC approved an outline for the provision of loans to Qoros by each of Chery and IC of RMB 400 million (approximately $64 million) each in exchange for the release of most of the outstanding guarantees and back-to-back guarantees of Chery and IC, respectively. The obligations of IC set forth in the outline were transferred to Kenon in connection with the spin-off. Kenon has now agreed to provide a RMB 400 million (approximately $64 million) loan to Qoros to support its ongoing development, and in connection with the provision of this loan, IC's back-to-back guarantee of Qoros' debt will be released in full. Kenon intends to fund its loan to Qoros through a combination of cash on hand and a $45 million drawdown under its credit facility from IC. Chery's guarantee under the Qoros facility of up to RMB 1.5 billion (approximately $240 million) is not being released in connection with the release of IC's back-to-back guarantees. However, Chery has separately committed to provide a shareholder loan of RMB 400 million (approximately $64 million) to Qoros in connection with the release of its guarantees in relation to Qoros' credit facility. Kenon has agreed that, in the event that Chery provides such shareholder loan to Qoros and Chery's guarantee is not subsequently released, Kenon will work with Chery and Qoros' lenders to find an appropriate mechanism to restore equality between Chery and Kenon in respect of Chery's guarantee of Qoros' debt by the end of 2015, and in any event, prior to any required payments by Chery under its guarantee. This solution may involve a future guarantee of Qoros' debt by Kenon (i.e., Kenon may assume or otherwise support a portion of Chery's guarantee) or Kenon's sharing in the amount of the payment obligations under Chery's guarantee, among other possibilities.

Qoros Automotive Co. Ltd Announces Management Appointments

Qoros Automotive Co. Ltd. announced the appointment of Phil Murtaugh as Chief Executive Officer. Dr. Chen, Anning, Chairman of the Board of Qoros, announced Mr. Murtaugh’s appointment effective immediately. Phil Murtaugh is based in China for nearly 16 years, as President of GM China leading the successful launch and expansion of GM brands, as Executive Vice President at SAIC Motors leading their international operations, and as CEO of the Asian Operation Chrysler Group.

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