On July 22, Beijing time, ff was successfully listed on the NASDAQ backdoor spac, Jia Yueting introduced the ff91 smart car as a CPUO (chief product and user officer), Faraday Future (ffie.us) finally let Jia Yueting have a new story to tell, even if it has become a "street rat", Jia Yueting also has to make a last attempt for the dream of building a car.
Ff successfully listed on the NASDAQ, Jia Yueting seems to have another chance to be reborn in nirvana, whether his smile is strong or bitter, after all, it is now smiling.
However, for Hebei Chenyang Industry and Trade Group Co., Ltd. (hereinafter referred to as Chenyang Water Paint or Chenyang Group), which has a similar situation and is completely different from Jia Yueting, whether Chenyang Group can reorganize nirvana and rebirth is only 60 days before the answer will be revealed.
The deadline for submission of the reorganization plan is only 60 days
According to the civil ruling of the People's Court of Xushui District of Baoding City, Hebei Province on June 15, 2021, the draft reorganization plan of Chenyang Group was extended to September 24, 2021.
The Xushui District People's Court found that on December 25, 2020, this court ruled to accept the application of Angling New Material Technology Hebei Co., Ltd. for the reorganization of Chenyang Group. Chenyang Group shall submit a draft reorganization plan by June 24, 2021. At present, due to the need for substantial merger and reorganization of Chenyang Group and its three subsidiaries, Hebei Chenyang Waterborne Coatings Co., Ltd., Chenyang Environmental Protection New Materials Co., Ltd., and Hebei Chenyang Logistics Co., Ltd. The recruitment of reorganization investors has not yet been completed, and the draft reorganization plan cannot be submitted on time. Chenyang Group applied to extend the deadline for submitting the draft reorganization plan by three months.
It should be noted that a three-month extension is the only opportunity for a judicial reorganization of a business. Pursuant to the first paragraph of Article 79 of the Enterprise Bankruptcy Law of the People's Republic of China, when the period provided for in the preceding paragraph (referring to the submission of a draft reorganization plan within 6 months) expires, and there is a legitimate reason at the request of the debtor or administrator, the people's court may rule on an extension of three months.
The countdown began on July 26, leaving only 60 days for Chenyang Group to submit a draft reorganization plan. This also includes the voting of the creditors' meeting, the approval of the court, etc., if any of the procedures are unexpected, it means that Chenyang Group will face the cliff and fail.
It is not enough to convey the confidence of the reorganization
On April 2, a reporter from The Chinese and foreign paint network participated in the authoritative media exchange meeting of the coating industry held by Chenyang Water Paint in Hebei Headquarters, and Zhu Lei, a senior lawyer of Tiantong Law Firm and the manager of Chenyang Group, introduced that Chenyang has been actively sorting out the debt problem since it entered the judicial reorganization stage on December 25, 2020. Through the reorganization procedure, whether it is a secured creditor or a general creditor, it will make a declaration, and after they declare it, we will come over for review, so the exposure of its liabilities is very high. He also said that at the first creditors' meeting on April 9-10, the situation under investigation, including assets, liabilities, etc., including production and operation, would be disclosed at that time.
On April 9, the first creditors' meeting of Chenyang Group and three subsidiaries attended by 1,682 creditors was held through a live webcast of Chenyang Tonic, which "frankly" faced the problem. Regarding the operating conditions of Chenyang Group during the reorganization period, the relevant person in charge said:
Before entering the reorganization procedure, the production and operation situation was difficult, and it was possible to face a total suspension of production at any time. After entering the reorganization process, the manager has implemented a series of measures to alleviate the production and operation conditions, as of the first quarter of 2021, the production load of Chenyang Group has recovered from 20% to 90%, the daily shipment volume has recovered from 200 tons to 1100 tons, the operating income has recovered from 1 million yuan to 200 million yuan, and the amount of payment has reached 290 million yuan, realizing the company's phased rapid turnaround from loss to profit.
At present, Chenyang Water Paint still maintains good communication and close cooperation with dealers and agents, and everything is normal for shipment and payment. Chenyang Water Paint cooperates with more than 300 first-class retail agents and more than 3,100 terminal retail agents. Chenyang Group's order volume is stable, the market response exceeds expectations, and production and operation are expected to be further improved.
In addition, Chenyang Water Paint has a loyal and sticky iron army team. More than 1,300 employees are still working diligently and sticking to their posts, and continue to work hard to restore Chenyang to its former glory.
For the effectiveness of the first debt meeting, Chenyang's explanation is: let the creditors fully understand the current production and operation of Chenyang Group, carry out the judicial reorganization work in an orderly manner, and convey the confidence of the reorganization to the creditors
At that time, Zhao Zhipeng, a senior observer of the Chinese and foreign paint network, believed that a debt would only convey the confidence of reorganization, and the key problem faced by Chenyang was still to solve the problem of huge debts, which was like playing a mouse in a porcelain shop, both to preserve the porcelain in the store, not to affect the sales operation, chaotic, but also to really eliminate rats, solve the problem, and not detonate the risk.
However, the reality is that the draft reorganization plan could not be submitted as scheduled and had to use the only right to apply for an extension.
Can the fall in the clouds usher in the second spring?
Sino-foreign paint network noted that in October 2020, the Internet began to frequently expose "Zhuorong fund can not be redeemed when it expires, involving billions of dollars", "Chenyang water paint arrears to workers for many months of wages" and "capital rupture". On December 25, Chenyang Water Paint and Liu Shanjiang, the actual controller of Hebei Zhuorong Equity Investment Fund Management Co., Ltd., voluntarily surrendered to the public security organs. The star water paint company eventually got into trouble and fell from the clouds at once.
It must be noted that Liu Shanjiang and Chenyang Water Paint are still worthy of respect in leading the contribution of Water Paint to publicize the popularization of Water Paint. "Never produced a drop of paint" "Each kilogram of water paint can reduce 0.8 kg of VOCS emissions, Chenyang water paint annual production capacity of 1.25 million tons, compared with the same scale of paint factories, a year can reduce VOCS emissions by 1 million tons, save 2 million tons of oil, save 2.86 million tons of standard coal, reduce carbon dioxide emissions by 7.15 million tons, equivalent to 1 million cars 1 year of exhaust emissions." "The environmental protection concept of Chenyang water paint is deeply rooted in the hearts of the people.
Even today, professionals in the coatings industry cannot deny Liu Shanjiang and Chenyang's dedication to water paint and their ability to grasp future trends. However, the grand dream of the morning sun did not climb to the top of the mountain step by step and then build the scenery.
In the heavy asset paint manufacturing industry that requires huge amounts of money to open the way, the perennial heavy investment is in urgent need of repatriation funds, and Chenyang Water Paint expands the sales channels due to high-risk methods such as price competition and rapid expansion, "the appearance is bright, the gold and jade are outside", but in fact, the internal disease is entangled, which eventually leads to a large-scale volcanic blowout. Let the past efforts almost come to naught.
It is worth noting that the reorganization period of Chenyang Group was not calm, and there were still unexecuted targets on the China Enforcement Information Disclosure Network. In the investment cooperation with Henan Chenyang New Materials Co., Ltd. (hereinafter referred to as Henan Chenyang) and the dispute over the licensing and use of knowledge patents, you come and go, and each has its own reason.
On January 20, Chenyang Group issued an announcement that the company had terminated the Intellectual Property Licensing Agreement with Henan Chenyang New Materials Co., Ltd. (hereinafter referred to as Henan Chenyang) and required Henan Chenyang to stop the infringement.
However, the court ruled in the first instance that Chenyang Group should pay a liquidated damages of 5 million yuan to Henan Chenyang, confirming that the agreement signed by Chenyang Group and Henan Chenyang and Henan Baili New Materials Company was legal and valid.
However, Chenyang Group, which was not satisfied with the judgment, successfully appealed. On June 21, Hebei Chenyang Public Account issued the "Announcement on the Progress of Intellectual Property Dispute Litigation between Hebei Chenyang Industry and Trade Group and Henan Chenyang", saying that the Intermediate People's Court of Jiaozuo City, Henan Province, made the (2021) Yu 08 Min Zhong No. 1416 Civil Ruling on the dispute between the appellant Hebei Chenyang and the appellee Henan Chenyang and Henan Baili New Materials Co., Ltd. in accordance with the law, on the grounds that the court of first instance did not suspend the litigation, improperly adjudicated, and the trial procedure seriously violated the provisions of the law. The ruling revoked the (2020) Yu 0803 Min Chu No. 1071 Civil Judgment of the Zhongzhan District People's Court of Jiaozuo City, Henan Province, and remanded for retrial.
If before September 24, Chenyang Group can overcome many obstacles, seize this only opportunity to postpone, smoothly submit the reorganization plan, and the reorganization plan can be smoothly implemented and take effect, Chenyang Water Paint, as a valuable asset of Chenyang Group, may be like Jia Yueting, and get out of the heavy debt.
However, how much debt Chenyang has, it is still difficult for us to have a clear number. Moreover, it is unclear whether the reorganization plan will be approved by domestic creditors.
But no matter what, there is hope for the reorganization, once because of the wild running blood, but cheer up, the dream will still shine!