Once a golden flower in the refrigerator industry, the new flying company that once owned China’s “king of refrigerators†failed to escape the fate of falling. "The new flight advertising is doing well, not as good as the new flying refrigerator." The once catchy slogan, with the home appliance giant's scenery, makes Xinfei become a generation of people's memories. To some extent, the development of Xinfei represents the pioneering history of the early Chinese home appliances. Xinfei home appliance brand was also ranked among the top 500 Chinese industrial enterprises and the top 100 Chinese information industry.
Since last November, the restructuring process of Xinfei Company (Henan Xinfei Refrigeration Appliances Co., Ltd., Henan Xinfei Electric Appliance Co., Ltd., and Henan Xinfei Home Appliances Co., Ltd., collectively referred to as Xinfei Company) has taken a turn for the worse. "Daily Economic News" reporter noted that in February this year, the market was once heard of the new flying company is about to resume production rumors. At that time, the former major shareholder of Hongfei Company, Hong Leong Asia Limited (hereinafter referred to as Hong Leong Asia), will once again become a formal restructured investor and has high hopes in the industry.
However, after a few months, changes took place again, and after Hong Leong Asia explicitly withdrew and reformed, Xinfei Company was about to enter the judicial auction and set foot on the road to refinancing investors.
Bankruptcy restructuring
On June 11th, Daily Economic News reporter found out from the Ali Judicial Auction Platform that the entire equity of Xinfei Electronics, Xinfei Electric Appliances, and Xinfei Refrigeration Appliances would be the entire equity of Xinfei Electric, which will be June 28, 2018. At 10:00 on the 29th and 29th (except for the time delay), a public auction was launched on the Taobao.com judicial auction network platform in the Xinxiang City Intermediate People's Court of Henan Province (the “Xinxiang Intermediate Courtâ€), with an initial auction price of 450 million yuan. Some of the new land under the name of Feifei, real estate and construction will also start auction on July 5, starting price of 115 million yuan.
Subsequently, a reporter of the "Daily Economic News" contacted the relevant person of the auction manager, Beijing King & Wood Law Firm. The other party stated that the time had not yet been opened. Now there is only platform (auction) information, and the follow-up to see if the lawyer can respond to related issues.
It is worth noting that some listed companies have been implicated. Kangsheng Co., Ltd., a wholly-owned subsidiary of Kangsheng Co., Ltd., is a creditor of Xinfei Co., Ltd., and its declared debt is 23.1682 million yuan.
According to the "Renewed Plan for Xinfei Electric Appliances, Xinfei Household Appliances and New Flying Refrigerators (Draft)", Xinfei Company is currently in an insolvent state. According to the "Audit Report" issued by auditors, the net assets are as of the auditing benchmark date. It was negative 1.129 billion yuan. A total of 840 creditors were reviewed and confirmed by the Xinxiang Intermediate People's Court, and the amount of creditors was as high as 2.295 billion yuan.
As of November 9, 2017, Xinfei Company still had 257 million yuan in receivables that had not been recovered. After auditing, the auditors found that there was a serious lack of original vouchers for these receivable assets.
Prior to this, Xinfei Company reorganized its creditors’ meeting on May 18, 2018 and voted on the “Henan Xinfei Company Reorganization Plan (Draft)â€. The original shareholders’ rights of Xinfei Company will be fully adjusted and auctioned. Ways to transfer to a qualified restructuring investor. The Manager will dispose of the entire equity of Xinfei Company held by the original shareholders of Xinfei Company in the form of auctions. The eligible recapitalization investors will obtain the aforesaid equity through auction, but the consideration paid shall not be lower than the consideration assets (including land and plant). Assets, equipment, and trademark rights, etc.) Valuation estimates under state of bankruptcy liquidation.
A person familiar with the matter told the reporter of the “Daily Economic News†that there should be close to a thousand creditors participating in the meeting through the Internet, after which the court conducted relevant rulings (demonstrating the validity and validity) and proceeded with the auction procedure after the ruling.
However, Xinfei Company also faces the risk of the failure of the introduction of investors, and the “Rules on Approving the New Flying Company Reorganization Plan†shows that if the court decides to approve the reorganization plan, there is no qualified restructured investor to buy within 60 days. Subject to the equity of Xinfei Company, the administrator has the right to apply to the People's Court for the reorganization procedure of Xinfei Company and declare the bankruptcy of Xinfei Company.
Withdrawal of capital causes production to be interrupted again
Earlier, a number of industry sources told reporters that the main reason leading to the decline of the new flight is the continuous change of equity.
In 1994, Xinfei Refrigerator became the pilot of the strategy of “bringing in foreign capital to graft and transform state-owned large and medium-sized enterprises†in Henan Province. Among them, Xinfei Group, the major shareholder of the Xinxiang Municipal Government, controls 49%, Singapore’s largest real estate and hotel investment developer, Honglong Group, holds 45%, and the remaining 6% are owned by Henan Province’s Singapore office. Appliances hold. Since then, Xinfei Refrigerator has become a Sino-foreign joint venture Xinfei Electric. After a series of equity transfer in the later period, Singapore’s Hong Leong Group achieved absolute control in Xinfei Electric. The shareholdings accounted for 90%. China’s management and management rights were completely lost, and “Xinfei†has since become a Singaporean brand.
At the beginning of November 2017, Xinfei Company issued a bankruptcy reorganization statement, stating that due to facing market competition and revenue decline, Xinfei has sustained losses in the past few years. Although foreign shareholders have given a lot of funds and support, they still cannot completely reverse the situation. Due to pressure from the capital chain, only production activities are stopped.
After a period of silence, Xinfei seems to have renewed its vigor. On February 6, Henan Daily News announced that the company's WeChat public account, Dahe Financial Cube, announced that it would formally initiate the reorganization. We will gradually resume production in the near future.
The above news was inextricably linked with the “Oliver Branch†that Hong Leong Asia had previously thrown at Xinfei. The "Rules of Approval of the Approval of the New Flying Company Reorganization Plan" shows that on February 3, 2018, Hong Leong Asia was identified as a formal restructured investor. According to the Hong Leong Asia Filing Program, Xinfei Company on February 8, 2018. Restored part of production.
However, in the unlikely event that after paying a deposit of RMB 50 million, Hong Leong failed to enter into a reorganization agreement and fulfilled its commitments. On April 13, it issued an announcement to withdraw its capital from Xinfei, causing Xinfei’s production to be completely interrupted again. With the withdrawal of investors, the new flight has no choice but to embark on the current judicial auction.
Referring to the reasons for the recapitalization of investors, Zhou Bing, general manager of Sichuan Haocheng Enterprise Clearing Services Co., Ltd., told reporters that the withdrawal of restructured investors generally stems from two situations. One is the investor’s own cash flow problem and funding issues. Can not implement the agreement; Second, because there is a certain business risk of the subject or the relevant preferential policies have changed, investors even withdrew from the investment if they lost the deposit.
In addition, Zhou Bing told reporters that the current reorganization plan is relatively rare, and the way in which investors look for new investors through the auction appears to be uncertain in the industry, and this will also bring greater benefits to creditors’ returns. Uncertainty.
Zhou Bing mentioned that under such an uncertain reorganization plan, creditors are still able to pass resolutions stating that creditors are looking forward to the return of Xinfei through a reorganization. Generally speaking, for the creditors, compared with the bankruptcy liquidation procedures, the reorganization plan has a higher proportion of compensation.
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