Every reporter from the huffy army in foshan
Following the previous bankruptcy of the south china gold worker, the daily economic news reporter was recently informed by the fushan intermediate people's court in guangdong (hereinafter referred to as fushan central court) that the city's first private group company, large-scale electrical appliances, had also been restructured, causing an industry shock。
According to the court, after incomplete accounting, large appliances and their four associated enterprises are currently in debt of $1. 7 billion, and the financial chain has been broken because of severe indebtedness and, although there are no orders, they have been completely cut off because of the lack of funds to purchase raw materials such as copper。
From 15 september to 18 september, the daily economic news journalist visited the headquarters of the large electric group in foshan and its production base for an interview. The insolvency representative disclosed to the daily economic news reporter that although there were orders from large electrical conglomerates, the large electrical conglomerates were caught in a financial chain by the fact that management had begun construction of a large office building and a new one last year, had taken up large sums of money from suppliers and had not been prosecuted in a timely manner, and faced a tight bank credit environment。
1. 7 billion in liabilities liquidated/resolved
The large electrical utility network, which was established in 1988 as the first private group company in the city of fuoshan, is based on the production of a variety of high-pressure sets, including cables, transformers, switchboards and distribution cabinets, and has seven subsidiaries under the banner of guangdong large cables ltd., wide electrics ltd., and guangdong wide transformers ltd. The largest purchaser downstream is the southern grid。
However, in mid-september, the fushan central court stated that the large electrical conglomerate and its four related enterprises, guangdong wide cable limited, guangdong wide transformers limited, wide electrical and electrical installation engineering limited and wide electric plants limited, had been approved for formal bankruptcy and reorganization. Following a choice by the debtor, the main creditors agreed unanimously to vote to appoint genko guangdong as the administrator of the series of reorganizations。
According to the audit and financial statements provided by the debtor, the total assets of large transformers ltd. Were $9,042,700, with a liability of $129 million and an asset liability rate of 143 per cent; the total assets of large electrical works ltd. Were $17,183,000, with a liability of $37,367,000 and an asset liability ratio of 217 per cent。
According to the court, after incomplete accounting, the large electrical appliances and their four related enterprises had a debt of $1. 7 billion, and the financial chain had been broken because of severe financial indebtedness。
The outside world is surprised by the collapse of large electrical conglomerates, as their largest downstream customer is the power department under the southern grid, with more adequate orders and more secure repayments。
It's too fast to expand, the financial chain breaks
On 16 september, the daily economic news journalist arrived at the headquarters of a large electrical conglomerate at 60 guangfor road, zheng city, fushan city。
Journalists noted that there were still staff working on the first floor of the large electrical conglomerate office building, while a number of offices were vacant on the second and third floors, some offices were empty, the rooms were disorganized and a layer of dust fell on the desks, while the third floor, mainly the office of the insolvency reorganization manager, was responsible for clearing and measuring claims and coordinating the reorganization。
Approximately 20 creditors from all over the country arrived at 1400 hours in the conference room on the second floor of the large electrical conglomerate. The management of large electrical clusters, insolvency reorganization administrators and relevant creditors meet to consult on the next insolvency reorganization。
“further insolvency reorganization options remain undiscussed and may take about two months to become clearer.” following the meeting, a lawyer from genho, guangdong, who was the manager of the extensive electrical bankruptcy reorganization, said to a journalist, daily economic news。
According to hodway, according to the company's management, the large electrical conglomerate was bankrupt because of the construction of two buildings in the previous period, one office building and the other large plant, “one that has just been built and the other just laid the foundations”
“the production of large quantities of electrical appliances is based in the three water zones of foshan, where there were a number of factories, and this expansion may have been intended for upgrading, as well as for more economical land conditions.” said hodway。
However, the two buildings that were expanded during the economic downturn were the direct trigger for the break-up of the financial chain of a large electrical consortium。
“as a general rule, large electrical appliances are under pressure on suppliers, including monthly closings for enterprises supplying raw materials such as copper poles, but may have been the result of prior expansions, combined with tight bank credit, resulting in the postponement of payments to suppliers.” to the daily economic news reporter, hodwig stated that, to that end, a large number of electronics groups had been prosecuted by suppliers, leading to bank alerts, resulting in the freezing of accounts by banks and courts, and the breakdown of the corporate financial chain。
One of the employees of the large electrical conglomerates' offices who came to attend the meeting to make cabinet products also said to the daily economic news reporter that “probably because the boss was expanding too quickly and was in trouble with the tightening of bank credit”
A mid-level disclosure from the office of a large electrical conglomerate, which does not wish to reveal its name, indicates that a number of subsidiaries are still in production and that there are still a number of orders, “the company has gone bankrupt and will pay back its money later”
“mainly due to liquidity problems, which are the reason for corporate management reporting.” to the daily economic news reporter, hodwig stated that the company was in the transition phase, including financial statement data and creditor declarations of debt remained incomplete。
Construction in progress has been suspended for months/
On 17 september, the daily economic news reporter arrived at the production base of the large electrical conglomerate, located on the eastern side of south fong boulevard, on the south side of the town of lohei, in the tri-water district of fushan city, where the large conglomerate of electrical conglomerates, guangdong cable ltd., guangdong transformers co. Ltd., and a large elevator lifting plant ltd. All work and produce。
According to the official network, a large electrical conglomerate of 330,000 square metres was located, and journalists noticed that the entire factory area was surrounded by fences and that security guards were watching people and vehicles close to the site。
The daily economy news reporter observed that, on the left side, near the entrance to the factory area, a large office building with a five-storey steel structure had been uprooted, and that the sixth-floor steel structure had not yet been completed, but that the site did not see the construction scenes of the explosion of engineering vehicles and that there were no workers in the construction boards。
"we don't get interviews. Headquarters is responsible for these things." the security at the large electrical production base declined the request for journalists to enter the site and indicated that the employees were working normally。
On 17 september, at 5 p. M., the daily economic news journalist met two construction workers from the guangdong electric group production base。
“the boss called us today to check on the construction and may be starting in a few months.” one of the construction workers, li min (alias), said to the daily economic news reporter that since 2013, two major projects, a large office building at the door and a new factory that had just built its foundations, had been planned by a large electrical consortium。
Li min stated that the project could have been abandoned if the construction had not continued, and was therefore disclosed to them by a wide range of electrical sources that “the focus had been on the construction of the office building at the door and that the new factory behind it had not been built”
Li min told reporters that the construction of the new office and plant in the large electrical utility group began last year and was completed by the end of last year, “it has not continued since the end of this year, the steel structure is rusty, and the main structure can be finished in two months or so”
An ultimatum from the buyer's southern grid
On 17 september, at 5. 30 p. M., after leaving work, the employees of the large electrical conglomerate production base left the factory after security checks。
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