Once in the Chinese refrigerator market, once a new fly in the refrigerator industry's 'four golden flowers', it is now a lot of fate. From November last year was suspended production, to this year in February the former largest shareholder Hong Leong Asia as a restructured investor After investing capital to enable it to resume production, this veteran refrigerator company finally ushered in the village of Liu Hua Ming Ming Village. However, the good times did not last long. The situation of Xinfei again turned sharply.
It is reported that after the new flight was resumed on February 8th, due to the failure of Hong Leong Asia to inject resumption capital according to its commitments, Xinfei was once again in a state of shutdown. In addition, as Hong Leong Asia announced a full divestment from Xinfei, there is no new In the case of the recipients, Henan Xinfei Electric Appliance Co., Ltd., Henan Xinfei Home Appliances Co., Ltd. and Henan Xinfei Refrigeration Appliances Co., Ltd. (hereinafter referred to as 'Xinfei Three Company') will be on the 28th of this month. The auction of 100% equity of Xinfeisan Company.
Ali Auction Platform Standard Information
In the past, the "four golden flowers" are now fortunate
In the 80s of last century, the military-industrial company developed a new home appliance industry, and in the subsequent decades, it made a big splash in the domestic refrigerator market. It once agreed with Haier, Rongsheng, and Meiling that China's refrigerator industry was 'four golden flowers'.
However, since the beginning of this century, Xinfei has begun to walk up and down the slope. In recent years, Xinfei has experienced multiple outage crisis. Compared to the two short-term suspensions in 2012 and 2013, the new flight was discontinued in the second half of 2017. Since the crisis began, it has not resumed production as quickly as it did in the previous two times. Today, Xinfei still has not been able to resolve this crisis.
On November 1, 2017, New Feisan Company issued a statement saying that due to 'competitive and declining market competition, sustained losses have occurred in the past few years. Therefore, although foreign shareholders have given a lot of funds and support, they still cannot completely recover the company. Faced with the market challenges. Under the pressure of the capital chain, the company currently has only to stop production activities. ' In addition, the new fly three company on October 30, 2017 to the Henan Xinxiang Intermediate People's Court to submit a reorganization application.
Subsequently, Henan Xinxiang Intermediate People's Court accepted the application for the reorganization of Xinfeisan Company, and designated Beijing King & Wood as the custodian of Xinfei Company to carry out the bankruptcy and reorganization. The administrator, Beijing King & Wood Law Firm While conducting audits of new flying assets and debts and communicating with creditors, they also recruited restructured investors and invited interested companies to participate in the reorganization of Xinfei. They hope to assist Xinfei with the help of restructured investors. To resume production.
According to informed sources, during the period, several domestic well-known home appliance companies such as Wanbao, Gree, Omagh had had contact with Xinfei, but in the end, New Zealand’s largest shareholder Hong Leong Asia Limited was selected as an official restructure investor. , Anhui Premier Electric Group Co., Ltd. was selected as an alternative restructuring investor.
After Hong Leong Asia was elected as a formal investor in restructuring and announced that it would continue to invest in Xinfei, Xinfei held a groundbreaking ceremony on February 8 to resume some of its production activities. On the same day, Zhou Shijie, deputy mayor of Xinxiang City, attended the ceremony. He also made a speech. He stated that the reorganization of Xinfei Electrical Appliances is not only a matter for the new flyers, but also a major event for the people of Xinxiang City. He hopes that Hong Leong Asia will earnestly perform the reorganization plan during the next reorganization work. The high-level management team repays debts in accordance with the law, does a good job of resumption of production, increases investment in R&D, promotes the transformation and upgrading of enterprises, fulfills the promises of the restructured investors with practical actions, and makes active contributions to revitalizing the Xinfei brand.
According to relevant media reports, Hong Leong Asia indicated that it plans to increase capital from 1 billion to 2 billion yuan to Xinfei Electric Co., Ltd., which will drive the full upgrade of Xinfei Electric. The bankruptcy of the new flight will appear to be expected again in the timely release of the original majority shareholders. Over the crisis, the risk of survival.
Leaping from Hong Leong Asia, New Flyer will be auctioned
However, according to an industry insider, the resumption of production of the new flight did not last too long and it was once again stuck in production. 'Resumed for a few days and stopped. 'The person said.
On April 13th, Hong Leong Asia issued a statement stating that the new Feifei divestment statement stated that Xinfei has continued to lose money since 2011. With China’s overall overcapacity and increased competition, Xinfei’s performance has deteriorated further in recent years. Therefore, The financial situation of Xinfei was adversely affected. In the past two years, Xinfei had a net after-tax loss of S$120.7 million and S$128.5 million in 2016 and 2017, respectively.
Hong Leong Asia stated that due to the long-term loss of Xinfei, the withdrawal from the new flight is expected to have a positive impact on the financial performance of Hong Leong Group.
On May 21, in the household appliance refrigeration system piping component, the domestic listed company Zhejiang Kangsheng Co., Ltd. (Kangsheng shares) issued the “Announcement on Subsidiary Participation in Xinfei Company's Creditors Meeting”. The announcement clearly stated that: The First Investor (Hong Leong Asia) issued an announcement on April 13, 2018 to explicitly withdraw funds from Xinfei Company and notify the Xinxiang Intermediate People's Court and the administrator in writing.
Zhejiang Kangsheng Co., Ltd. statement
The new flight manager Beijing King & Wood Mallesons Law Firm stated that unforeseen circumstances have caused practical difficulties in the recruitment of restructured investors, and the continued increase in the co-beneficiary debt of Xinfei Company during the reorganization caused the continued deterioration of the asset condition. The brand maintains the qualifications of Xinfei Company, protects the legal rights and interests of all creditors and employees of Xinfei Company, communicates with creditors, investors, and employees, and based on fully listening to the opinions and suggestions of all parties, the administrator shall comply with the legal requirements and In combination with the actual situation of Xinfei Company, a reorganization plan was formulated.
According to the reorganization plans of Henan Xinfei Electric Appliance Co., Ltd., Henan Xinfei Household Appliance Co., Ltd. and Henan Xinfei Refrigeration Appliance Co., Ltd., which were published by the Beijing King & Wood Malleson Law Firm in the National Enterprise Bankruptcy Reorganization Case Information Network, Xinfei Company The original shareholders’ rights will be fully adjusted and transferred to the qualified recapitalizers by auction; Xinfei will maintain the legal entity qualification, and the qualified recapitalization investors will hold 100% equity of Xinfei Company; the manager will auction Formally disposes the original shareholders of Xinfei Company to hold the entire equity of Xinfei Company, and the qualified restructuring investor obtains the aforementioned equity through bidding, but the consideration paid shall not be lower than the estimated valuation of the counter assets under the state of bankruptcy liquidation; The payment consideration will be used to settle Xinfei’s debt according to the debt compensation plan in the reorganization plan.
A summary of the plan for the restructuring of the new Feisan company formulated by Beijing King & Wood Mallesons Law Office (part of the content)
On May 21, the Xinxiang Intermediate People's Court approved the draft plan for the reorganization of Xinfeisan Company and ruled to terminate the reorganization process of Xinfeisan.
According to the auction target information announced on the Ali auction platform, the 100% equity of Xinfeisan Company will be terminated from 10:00 on June 28, 2018 to 10:00 on June 29, 2018 (except time delay) in Xinxiang City, Henan Province. The public auction on the Taobao Judicial Auction Network Platform of the People’s Court has an auction starting price of 450 million yuan. Among auction targets, the assets of 100% equity of Henan Xinfei Electric Appliance Co., Ltd. are 90 trademarks, 293 patents, and 4 copyrights. , 4 domain names and the right to use the purchased software (including the carrier for the software); the assets corresponding to 100% equity of Henan Xinfei Home Appliances Co., Ltd. are all low-value consumables (office supplies) under the name of the house. , Land, machinery and equipment, electronic equipment and moulds; assets of 100% equity of Henan Xinfei Refrigeration Appliances Co., Ltd. under its name are all low-value consumables (office supplies), houses, land, machinery and equipment, and electronic equipment And the mold.
From the past four major families of China's refrigerators to today’s public auctions, the fate of a new generation of home appliance giants has caused people to sigh with regret. In the next auction, who will be the new flight and will the future be able to Soaring? Everything is unknown.