In the past, one of the "Four Golden Flowers" in China's refrigerator industry, Xinfei Electric once again suffered a production stoppage crisis and has now submitted a rescheduling application to the local court.
Recently, people familiar with the industry received a reorganization instruction jointly issued by Henan Xinfei Refrigeration Appliance Co., Ltd., Henan Xinfei Electrical Appliance Co., Ltd. and Henan Xinfei Appliance Co., Ltd., which stated that "Under pressure from the capital chain, the company currently Only to stop production activities', indicating that the release date is November 1, 2017. The reporter has verified the authenticity of the news to Xinfei Electric insider.
Industry insiders get the new flying three companies such as the company released the reorganization instructions
The reorganization note states that the three companies faced market competition and downturns as of October 31, 2017 and sustained losses over the past few years, so although foreign shareholders have given large sums of money and support, they have not been able to completely reinstate the company Faced with the market challenge forced by the pressure of the capital chain, the company currently only to stop production activities, the above three companies on October 30, 2017 submitted to Henan Xinxiang Intermediate People's Court for restructuring applications, under the supervision of the people's court, according to the law to be reorganized.
The note states that Sunflex is prepared to gain legal protection by entering the reorganization process, enabling companies to enter a relatively safe operating environment and to focus on the strategic design of the company's regeneration. The company has started a working group that includes management Staff and representatives of Yongan Shanghai Consulting Co. At the same time, the supervisory body will be appointed by the court to supervise the reorganization and the working group will convert the relevant assets into cash but it will take time to process.
The three companies, promised in the note, will deal fairly and fairly with the interests of creditors and shareholders. Reorganization is a better solution than liquidation and will bring the best results to all those involved, including employees and suppliers In the meantime, Xinfei also approached the relevant cooperation opportunities to continue to develop the business opportunities of Xinfei brand, and the three companies said Xinfei brand still has development opportunities in China.
Another board member of Xinfei Electric, which was acquired by the industry, wrote to Xinfei's staff letter: 'In the past few years, Henan Xinfei Electric Appliance Co., Ltd. has been operating in a highly competitive and challenging business environment. Under the pressure of price competition in the electrical appliance industry, the profitability of Xinfei Company has become more and more difficult.
The letter said that the board of directors has reviewed several strategic options for the new company and decided to allow the new company to carry out the reorganization work, which will take into account the cessation of production activities, and in accordance with the Chinese law to develop the appropriate arrangements for the new company Preparing for liquidation.According to the licensing and OEM arrangements, the management team will continue to review potential strategic partners interested in using the new flymark trademark.NICM has appointed Ernst & Young LLP (Shanghai) as a reorganization consultant and will also appoint a An outside manager has worked closely with the management team and Ernst & Young to oversee the reorganization, and the company has appointed Wu Zhishan as chief reorganizer.
Reporters stopped production of information to verify the new person insiders, the reporter confirmed to reporters the authenticity of the news.
As one of the "Four Golden Flowers" of the refrigerator industry in our country, Xinfei also had a prominent position in the market in that year.However, after Singapore's Hong Leong Group absolutely controlled and dispatched a large number of Singapore-based executives to Xinfei Electric Appliance, Electrical appliances will be deteriorating.Although the new fly to restore the past glory of the company made a lot of efforts, but still difficult to prevent its position in the market plummeted in recent years, Xinfei Electric repeatedly cut into production, layoffs negative rumors In 2012 and 2013, it struck a halt twice in a row, only returning to normal production operations shortly after the cessation of production.
The insiders said the new flying electrical appliances, the fate of the new flying electrical 'sighed with regret.'
This time, the fate of Xinfei Electric will go?