On January 19th, Henan Xinfei Electric Appliance Co., Ltd., Henan Xinfei Household Appliances Co., Ltd., Henan Xinfei Refrigeration Appliance Co., Ltd. (hereinafter referred to as “Xinfeisan Companyâ€) merged and reorganized the first creditors meeting to be held by network.
At the beginning of November 2017, Xinfeisan Company issued a reorganization statement, saying that due to market competition and decline, Xinfeisan Company continued to suffer losses in the past few years. Although foreign shareholders gave a lot of funds and support, it could not be completely recovered. Faced with the challenges of the market, forced by the capital chain, only stop production activities. Xinfeisan Company submitted a reorganization application to Henan Xinxiang Intermediate People's Court ("Xinxiang Intermediate People's Court") on October 30, 2017, and reorganized according to law under the supervision of the court.
On November 9, 2017, Xinxiang Intermediate People's Court made (2017) Yu 07 people broke the "Civil Ruling Book" of No. 6-1, 7-1, and 8-1, and ruled to accept the application for reorganization of Xinfeisan Company. On November 20, 2017, (2017) Yu 07 Min broke the "Decision Book" of No. 6-2, No. 7-2, and No. 8-2, and designated Beijing Jindu Law Firm as the management of Xinfeisan Company through open competitive bidding. people.
According to Beijing Jindu Law Firm, Xinfei Company has fallen into financial and operational difficulties due to multiple internal and external factors, facing large debts, large number of creditors, litigious cases, tight capital chains, and difficulties for employees, suppliers and distributors. Stable maintenance and other issues. As of the Xinxiang Intermediate People's Court, the deadline for the declaration of credits in this case was January 5, 2018. A total of 823 creditors reported their claims to the administrator, with a declared amount of 24,453,049,6.9.91 yuan. For creditors who make supplementary declarations after January 5, 2018, the administrator will conduct a registration review, and the delay in filing will not affect the creditor’s substantive rights.
Since Xinfei Company has been unable to achieve normal capital inflow through normal sales, the Manager is currently planning to raise funds mainly by maintaining and gradually expanding existing sales, and shortening the sales return period, and realizing cash withdrawal as much as possible. During the whole period, the sales activities realized the payment; the manager assisted the company to increase the collection of receivables of the book, and realized the collection of money by collecting historical payment; recruiting the investors, and refinancing the investors through borrowing and providing liquidity free of charge. Such legal means provide financial support for the production and operation of Xinfei Company; borrowing.
According to the manager of Xinfeisan Company and Beijing Jindu Law Firm, in the follow-up, under the supervision and supervision of Xinxiang Intermediate People's Court, the administrator will step up the recruitment of investors, and help the new flight by reorganizing the strength of investors. The company resumed production. At present, many well-known domestic and foreign companies have submitted their intentions for restructuring investment.
It is reported that the time and place of the second creditor meeting of Xinfei merger and reorganization will be notified according to the reorganization.
[Extended reading]
- Xinfei Electric has resumed production and has submitted a reorganization application to the court.
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