Recently, the news that a generation of home appliance giants will be auctioned on June 28th has triggered a lot of attention from the home appliance industry, the news media and the public. However, some media have adopted “bankruptcy liquidation†in the report, which is not rigorous. Accurate expression, and in the report that Xinfei has stopped production activities and cleared all employees, is the current situation of Xinfei as described in the report?
Xinfei reorganization manager Beijing Jindu Law Firm solemnly responded to China National Grid: At present, Xinfei is carrying out reorganization work in an orderly manner; Xinfei is still carrying out certain business activities, and the management team remains stable; there are three to four The well-known home appliance companies in China have shown their investment intentions for Xinfei and have completed due diligence on Xinfei in the near future.
The reorganization work is carried out in an orderly manner and certain business operations are still underway.
In November 2017, the new flight that had been in the first echelon for a long time in the domestic refrigerator market once again exposed the suspension of production. Henan Xinfei Electric Appliance Co., Ltd., Henan Xinfei Household Appliances Co., Ltd. and Henan Xinfei Refrigeration Appliance Co., Ltd. (hereinafter referred to as "Xinfei Company") jointly issued a statement on November 1st, announcing the market competition and decline in the past few There was a continuous loss in the year. Although the foreign shareholders gave a lot of money and support, it still could not completely recover the challenges facing the company. Due to the pressure of the capital chain, only production activities have been stopped. Xinfei Company applied for reorganization on October 30, 2017 to the Intermediate People's Court of Xinxiang City, Henan Province (referred to as “Xinxiang Intermediate People's Courtâ€).
On November 9, Xinxiang Intermediate People's Court ruled to accept the reorganization application of Xinfei Company, and on November 20th, Beijing Jindu Law Firm was appointed as the manager of Xinfei Company to carry out bankruptcy reorganization.
According to the creditor declaration and the review of the administrator, there are currently 840 new flying creditors with a total liabilities of about 2.3 billion yuan.
A staff member of the Xinfei reorganization manager said that the current Xinfei reorganization work is mainly divided into three parts: First, asset disposal, in addition to the new shares of Xinfei, there are some disposals of inefficient assets are now in progress; The second part is the placement of employees, and the promotion is in good condition. The third is the recruitment of investors. At present, the managers who have contacted the managers are those with relatively large brands in the industry.
According to the staff, at present, Xinfei’s management team has about 20 senior executives, and all of them are on duty. The management team is “very stableâ€. The production of Xinfei is temporarily in a state of cessation. The production department keeps personnel clean, maintenance and maintenance work. The normal business activities have been maintained, sales are mainly in inventory sales, and e-commerce is basically in a normal state. Everything is normal after the new flight. The reporter searched the Jingdong platform and found that some models of Xinfei Refrigerator are still on sale and can be purchased normally.
Regarding the staff placement situation, the staff member stated that the employee placement was a full-buy program, which was carried out in accordance with the Labor Contract Law and the Enterprise Bankruptcy Law. The buyer bought out. “We will give priority to the employee's economic compensation among the consideration paid by the investor.†The staff said that Xinfei had more than 5,500 employees (including formal workers and dispatched employees), the first batch on June 1. The placement of the staff program is in the process of implementation and the work performed is proceeding very smoothly. In the second batch, there are about 1,000 employees. They are still working in Xinfei. They will cooperate with Xinfei to reorganize their work until the new investors have completed the handover. Employees have the opportunity to implement two-way choices in the future and new investors.
As a business card of Xinxiang City, Xinfei has always been valued by the Xinxiang Municipal Government. Since the outbreak of the new flight crisis, Xinxiang City Government has also paid close attention to the reorganization of Xinfei. At the start-up ceremony of the new fly-off production on February 8 this year, the leaders of the Xinxiang municipal government made it clear that the reorganization of Xinfei Electric is of great importance, not only for the new flying people, but also for the people of Xinxiang City.
The staff of the new flight manager said that the Xinxiang municipal government is very keen to succeed in Xinfei's reorganization. Xinfei can be said to be the Xinxiang industrial business card. The Xinxiang municipal government treats Xinfei's restructuring investment as a very large investment attraction project. And the new investors are asked: the first requirement is that the brand can not leave the new company; the second requirement is to prioritize the recruitment of the former employees of Xinfei under the conditions of reorganization.
Equity auction, bankruptcy and liquidation, there are many intent investors
In February of this year, after the new shareholder of Hongfei, Hong Leong Asia was selected as the official restructuring investor and promised to continue to inject capital into the new flight, Xinfei resumed some production activities on February 8. However, due to the failure of Hong Leong Asia to fulfill its capital injection commitment and announce the withdrawal of funds, Xinfei was once again in a state of suspension.
To this end, Xinfei Manager formulated a reorganization plan based on the actual situation of Xinfei Company, and was approved by Xinfei Creditors. According to the content of the reorganization plan, the original shareholders' equity of Xinfei Company will be fully adjusted and transferred to the appropriate restructuring investors by auction. Xinfei Company maintains the legal entity qualification, and the appropriate investors will hold 100% equity of Xinfei Company.
"Now is the implementation process of a reorganization plan. The most important part of its implementation is actually the auction of the equity of Xinfei Company." The staff of Xinfei Manager said that Xinfei's equity is the highest quality asset of Xinfei. Including the new flying refrigerator, freezer production line, the two main production bases and real estate, all the new trademarks and all intellectual property rights. “Our auction of this equity is actually an operation that locks in the reorganization of investors.â€
However, for the reorganization plan of Xinfei Equity Auction, some media used inaccurate and imprecise statements such as “bankruptcy liquidation†in the report. The aforementioned staff of the new flight manager said that the media's imprecise statement would cause some problems for the reorganization work and would have a certain negative impact on the intentional investment.
Xinfei Electric's statement issued on June 11
On June 11, Xinfei Electric issued a statement through its WeChat public account in response to outside doubts. The statement stated that Xinfei Company did not go bankrupt and liquidated, and Xinfei’s reorganization process was progressing in an orderly manner. At present, the reorganization plan is being implemented in an orderly manner, and the reorganization investors will be recruited fairly, openly and fairly through the public auction of equity. After the reorganization, the new company will be reborn, and the new flying eagle will once again fly.
Announcement issued by Xinfei Manager on June 12
On June 12, Xinfei Manager also published the “Announcement on the Progress of Xinfei Electric Appliances in Restructuring According to Lawâ€, announcing that “with the attention and support of all parties, Xinfei Electric has been progressing smoothly according to law.†"Bankruptcy liquidation and bankruptcy reorganization are two legal concepts, the difference is very big, the text is confused." The purpose of this public auction is to recruit suitable investors, which is based on the public auction of the reorganization plan. Not a passive asset auction.
According to the staff, three to four domestic well-known home appliance companies have recently visited the new flight. In her view, the Xinfei brand still has great commercial value, and any investor must develop the brand after buying the shares of Xinfei.
Xinfei Manager said in the announcement on June 12 that it expects to take off the new flight of debt and inefficient assets, and it can be lightly loaded and revived. I wish Xinfei welcome new shareholders, new management team, new business philosophy, and constantly introduce new technologies to the market, as always, to present quality products to consumers.
In the comments made by Xinfei Electric on June 11th, a new flight agent said that “the new Feifei appliance has been sold for more than 20 years, and many customers are very reliant on the new flight and look forward to the new flight.â€
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