Henan old home appliance manufacturer Xinfei Electric found a new owner.
At 10 o'clock on the morning of June 29th, 100% equity of Henan Xinfei Electrical Appliances/Household Appliances/Refrigeration Appliance Co., Ltd. was abandoned, and Konka bid successfully for 445 million yuan. There are only two quotations for this auction. The first quotation is 4.5. Billion base price.
According to sources close to Xinfei Electric, Konka, as a well-known home appliance company in China, has demonstrated its strategic layout by restructuring investment in Xinfei. It has strengthened its production capacity, increased its market share and competitiveness, and demonstrated its determination to protect the brand of the national enterprise. Responsibility of the real economy.
Konka Group said that it will retain the brand of Xinfei, and strive to achieve the new take-off of the new brand and the development of national brands.
People close to Xinfei Electric said that next, Konka will pay the auction price according to the payment schedule stipulated in the reorganization plan, and will gradually connect with Xinfei to work, and gradually take over the daily work of Xinfei. Resumption of production. Xinfei’s debt has been processed in accordance with the provisions of the reorganization plan. The obligation of the restructured investor is to pay the consideration. The previous debt was strictly reimbursed according to the provisions of the reorganization plan.
From the bankruptcy reforms that were decided at the end of October 2017, the dusting of this reorganization game which lasted nearly 8 months has settled.
A generation of home appliance giants went into bankruptcy and reorganization
'The new flight advertising is doing well, not as good as the new flying refrigerator.'
A familiar slogan used to represent the past glory of Xinfei Electric Appliance: the second largest domestic refrigerator brand and the four major brands of refrigerators.
Prior to this, Xinfei’s reorganization manager, Beijing King & Wood Law Offices, said in an interview with Yu Xin reporters that regardless of who bought it, they were all directed at Xinfei’s brand. In the future, they will surely focus on new refrigerators. The main business of refrigeration equipment, resume production and sales.
Xinfei was formerly the radio equipment factory of Xinxiang City, Henan Province. At that time, this enterprise was a small local military enterprise under the jurisdiction of the former State Ministry of Machinery. After the new flight to the refrigerator, in 1988, the sales revenue of Xinxiang Refrigerator Factory was realized. Profits and taxes and per capita profits and taxes are ranked first in Xinxiang City, becoming a star enterprise in Xinxiang City.
In 1991, Henan Xinfei Electric Group was established. Three years later, it was reorganized into Henan Xinfei Electric (Group) Co., Ltd., with employees holding 17.04% of the shares and 82.96% of the state-owned assets. Reporter, in the past three years, Xinfei has grown at an average rate of 40% per year. It once entered the top ten of China's most valuable brands.
In 1994, Xinfei Group and Singapore-funded Fangfenglong Group jointly established Xinfei Electric Appliance. Xinfei once ushered in a rapid development period. In 1996, the sales volume of Xinfei Refrigerator exceeded 1.2 million units, and the total profit exceeded 300 million yuan for the first time.
澎湃News reporters have learned from the new high-level and high-level people that, on the occasion of the day, due to failure to change from 'product management' to 'brand management' in a timely manner, and refused to go public, the new flight that has not been able to 'diversify' At the peak of the peak period, it began to bury hidden dangers.
From 1996 to 2000, the sales volume of Xinfei refrigerator increased from 1.2 million units in 1996 to 1.6 million units in 2000. However, sales have been stagnant, and the profit rate has gradually dropped from 16% in 1996 to 2000. 6% or less.
In 2001, the management team at that time was updated, and the original vertical management mode was changed to a flat management mode. From the previous 'power monopoly' to the decentralization to the team, and the incentive mechanism was introduced, the new flight in 2002. The industry ranked first for the first time from the third to the second. From 2003 to 2004, Xinfei continued to be the second in the industry. In 2004, Xinfei achieved another historical breakthrough. The sales volume of refrigerators exceeded 2 million units, reaching 2.1 million units. Year-on-year growth of 21%, a record high.
However, in 2006, after a large number of managers from Singapore airborne to the new flight, the rapid expansion of management staff led to more cumbersome decision-making processes and reduced efficiency. The two cultures within and outside the company have become conflicts.
However, benefiting from the subsidy policy for home appliances to the countryside, the refrigerator industry is still growing at a high speed.
Xinfei Electric has reached the peak of history in 2010. The annual sales of refrigerators are 5.5 million units, the sales of refrigerators are 800,000 units, and the annual sales are over 5 billion yuan, which brings huge intangible assets.
However, it was followed by a downhill road. The performance of Xinfei Refrigerator has dropped to single digits at that time, until the first loss in 2011.
According to the information obtained by the journalists, from 2011 to 2016, the losses of Xinfei Electric were S$51.66 million, S$117 million, S$37.63 million, S$60.64 million, S$110 million, and 130 million new. Coins, a total loss of 507 million SGD in 6 years, according to the current exchange rate, the loss amount is about 2.5 billion yuan, and the total liabilities exceed 2.2 billion yuan.
At the end of October 2017, due to a capital-strand break, it was unable to pay off due debts, and the assets were insufficient to pay off all debts. The new flight was applied to the Henan Province Xinxiang Intermediate Court for reorganization.
Bankruptcy reforms twists and turns
On November 9, 2017, the Xinxiang Intermediate People's Court ruled that Xinfei Electric Appliances, Xinfei Household Appliances and Xinfei Refrigeration Appliances (collectively, Xinfei Company) applied for the reorganization of the three cases. On November 20th, Beijing King & Wood was appointed as the new company. Flying company's manager, bankruptcy and reorganization.
The reorganization plan disclosed that before the auction, Xinfei Company was in an insolvent state. According to the “Audit Report” issued by the auditing agency, Xinfei Company’s net assets were RMB -1.129 billion, which was already heavily insolvent. The capital contribution is zero.
Xinfei’s large creditor group totaled 408 creditors with total credits of approximately 2.268 billion yuan; small claims group totaled 430 creditors with total claims of 0.2 billion yuan; tax claims group totaled 2 creditors with total claims of 0.08 billion yuan. 2. There are a total of two contributors, namely Hong Leong Asia, which holds 90% of the shares, and Xinfei Group, which holds 10% of the shares. Both agreed to reorganize the plan to adjust the investor's equity in the draft plan.
The reorganization process is also a twist.
In January 2018, Hong Lelong Asia submitted a “Reformation Letter of Intent for Investment” to participate in the reorganization of investment by Xinfei Company, and then paid a reform investment guarantee of RMB 50 million, and submitted a complete written reorganization plan to the manager. This includes a complete working capital injection plan, a debt liquidation plan, and a follow-up investment business plan.
As a result of an exclusive report by a news reporter, a number of companies, including Konka Group, had already expressed their willingness to cooperate.
However, after the Xinxiang Intermediate People's Court selected Hong Leong Asia as an official investor in reorganization, Hong Leong Asia failed to enter into a restructuring investment agreement with Xinfei Company and its manager in accordance with the plan, and fulfilled its reorganization investment. Commitment in the filing, which issued an announcement on the Singapore Stock Exchange on April 3 stating that it was withdrawing from Xinfei Company. The manager immediately contacted the alternative recapitalizer but did not submit the deadline for submission of the draft reorganization plan. Can enter into an agreement with it on the restructuring of investment.
The reorganization plan pointed out that the above-mentioned unforeseen circumstances caused practical difficulties in the recruitment of restructured investors, and that the continued increase in the co-benefits of Xinfei Company during the reorganization caused the condition of the assets to continue to deteriorate.
To this end, the new flight manager formulated a reorganization plan in light of the actual situation of Xinfei Company and was approved by the new flying creditors. According to the contents of the reorganization plan, the original shareholders' equity of Xinfei Company will be fully adjusted and auctioned. Transfer to a qualified and restructured investor. Xinfei Company maintains the qualification of a legal entity, and a qualified restructuring investor will hold 100% equity of Xinfei Company.
On June 12, the new flight manager issued an announcement that Xinfei did not 'bankruptcy', but rather 'according to the reorganization plan's road map, the use of equity auctions to recruit restructured investors is a public auction based on the reorganization plan. , Rather than passive judicial auctions of assets'. The announcement stated that the new flight of debt and inefficient assets was stripped away, able to travel light and return to life.
A staff member of the Xinfei reorganization manager told the journalist that after the announcement of the equity auction by Xinfei, the interested investors had negotiated more than a dozen before and after. Since the equity auction requires, the bidder must be registered in China. In the domestic appliance industry manufacturers or sellers, the prospective investors who come into contact with the managers during this period are all household appliance industry enterprises. 'Investment volume, in terms of industry, it is indeed not a small enterprise. State-owned enterprises, listed companies. '
The staff member stated that no matter who took over the new flight, in addition to the consideration payment, there will inevitably be additional new investment. Since the new investment is a investment attraction project for the Xinxiang Municipal Government where Xinfei is located, the government will also have some supporting benefits. The measures introduced, 'For example, tax reductions, of course, these preferential measures will be promised to give enough. Correspondingly, the government will also have certain requirements for new flights, such as requiring the original staff of the new fly to be given priority, Xinfei's production base Can not leave Xinxiang. '
For this disposal target, the staff said that the first is to protect the brand of Xinfei, and the second is to strictly comply with laws and regulations, and promote bankruptcy and reorganization in a market-oriented manner. The most important thing is to protect the rights and interests of all creditors and employees' rights and interests in accordance with the law.
The above-mentioned staff said that from the perspective of safeguarding the rights and interests of employees, the reorganization manager did not want the new flight to fail to rectify. 'If the reform fails and the bankruptcy liquidation, the economic compensation of the employees will be in the foreseeable future, because the asset disposal will become very slow. The creditor’s liquidation guarantee is even more unrecognized. Originally, according to our calculations, its liquidation ratio is not high. If it is bankruptcy liquidation, it will be lower. For the Xinfei brand, once the bankruptcy liquidation, the brand will not Value. '
The Xinfei Company restructuring plan shows that as of May 8, 2018, the value of the Xinfei trademark and other intellectual property assets was RMB 52 million. Among the 450 million equity considerations for this auction, the new Feifei brand was included in the estimate. value.
The team did not disperse: The management team is all in the post and the first batch of employees perform the buyout.
With the successful bidding of Konka, it will gradually take over the daily work of Xinfei and resume production as soon as possible.
It is reported that in November last year, Xinfei entered the reorganization process. At that time, 1,800 employees were at home waiting for work. The reason was that production had been stagnant and did not require a large number of workers to work every day. The employees at that time then paid 70%. If the salary is 70% lower than the minimum wage in Xinxiang City, it will be increased to the minimum wage standard. The aforementioned staff explained that the wages of the employees during the entire reorganization period were normal.
At present, the Xinfei reorganization manager presided over the reorganization work at the Xinfei reorganization project site. According to the above staff, all the functional departments within the Xinfei company are still in normal operation. However, in the process of reorganization, because of cash The flow break is more severe, so the manufacturing production is basically in a stagnant state. In addition, the sales, after-sales and other departments are still in normal operation, the sales are mainly in stock, and the home repair work can be performed normally after the sale.
According to the above-mentioned reorganization manager's staff, although the production was completely interrupted, the management team was all in the post. At present, there are a total of 17 management staff at the director level of Xinfei Company, all of whom are working at the post. The management team mainly cooperates with the investigation of large assets during the reorganization period. Debt review, audit and evaluation, and due diligence investigations by interested investors. In addition, the company's sales, after-sales, and procurement functions are still functioning.
For Xinfei employees, the above-mentioned staff said that they are currently working on the staff resettlement plan in the reorganization plan. From June 1st, the employees will be bought out according to the service age, that is, the labor contract relationship will be terminated, and the labor contract law will be paid. Economic compensation, until the future investors will take over the company, they can make two-way choices with the workers who have already bought out the service. This group of employees includes 1,800 employees who were waiting for the job last November.
The next batch of employees needed to be resettled was the second batch. At present, there are hundreds of core employees, including core management, core R&D personnel, and grassroots employees (maintenance, security, maintenance, after-sales). Employees will continue to stay until the equity of the restructured investor is delivered. 'I understand that the new investors may be more likely to work at Xinfei, but it depends on these people's ideas. It is a two-way choice process. You can choose to take the compensation to leave, or you can choose to establish a new labor contract relationship with Xinfei.
For Konka Group, restructuring the new flight will help Konka to grow bigger and stronger. Konka's sales of refrigerators and freezers are expected to enter the industry's ranks within 2-3 years.
Zhou Bin, president of Konka Group, said that although Xinfei Electric has been in a difficult position due to various reasons in recent years, the new-flying refrigerators are at a domestic advanced level in terms of high-volume, air-cooled, variable-frequency and other high-end product R&D capabilities and product lines. , Xinfei Freezer R & D and manufacturing capabilities are also very competitive. And Xinfei product line is complete, the brand awareness of the industry is high, the market share of the city ranked the sixth in 2017, brand value, R & D capabilities, capacity equipment, talent team, etc. Konka white electricity, which is in a period of rapid development, has great appeal.
It is worth mentioning that, in addition to equity assets, there are still some land, real estate and construction under the name of Xinfei Electrical Appliances. The auction will begin on July 5 with an auction starting price of RMB 115 million.