A typical case-a home textile group in Wenzhou-skillfully solved the crisis of private lending.
Company background:
A home textile group in Wenzhou has a history of 30 years, and has won the honors of "China Famous Trademark" and "National Inspection-Free Product", with the highest annual turnover of 65.438+0.2 billion yuan. Due to blind expansion, it is impossible to make ends meet; Borrowing from banks, in order to save enterprises from blindly planning to go public, 320 million private funds were raised, involving more than1.80 million people, and private lending1.88 billion involved more than 200 people, with total liabilities reaching1.85 billion yuan. The enterprise's capital chain is broken, the operation and market are in a state of chaos, and it is impossible to operate normally and pay employees' wages.
Rescue plan:
Shanghai Zhonghe Zhengdao has formulated three reorganization strategies for the Group: equity, creditor's rights and property rights. The strategy is to solve the private debt first, and then solve the bank debt. On the basis of revitalizing assets, we should resolve legal risks, optimize industrial allocation, divest debts, introduce strategic investors and give enterprises a shot in the arm.
Specific measures:
1. We assisted the group to reach an agreement with government departments to convert the original 108 mu of land of the enterprise from industrial land to commercial land.
2. Invite the government, media, employee representatives and private creditors to hold a reorganization meeting together, so that all parties can get time and space.
3. Establish a real estate development company, find a construction company to build a house, negotiate with private creditors through debt-to-equity swap, and reduce the leverage of bank debt by buying out creditor's rights.
4. Cut off heavy assets and remove some loss-making specialty stores to help enterprises change their business model-from industrial chain orientation to successful transformation with brands, technologies and channels as the core.
Rescue results:
More than 80% of private debt was eliminated and dissolved, and normal operation and product sales gradually resumed, which prompted the Group to achieve strategic rebirth.
Typical case 2: A leather company in Zhejiang-successfully divested the bank debt.
Company background:
A leather company in Zhejiang Province is a modern technology-intensive enterprise specializing in the production of superfine fiber synthetic leather series products in China, and its next five products are favored by domestic and foreign merchants. Due to blind expansion, the bank loan was 290 million yuan, and most of the accounts receivable became bad debts and dormant accounts, which led to the break of the capital chain, the failure to pay the bank's principal and interest normally, the arrears of employees' wages and the arrears of suppliers' payables.
Rescue plan:
The expert team adopts the methods of "debt restructuring" and "strategic transformation" to tailor the debt restructuring plan, financing plan and equity restructuring plan.
Specific measures:
1. Get bank support through government coordination; Reduce debt leverage and resolve bank debt by repurchasing creditor's rights at a low price;
2. Increase the collection of accounts receivable, withdraw a large amount of funds, and solve the problem of partial capital exhaustion; 3. Optimize the structure of core assets, reposition products in the market, and help enterprises to resume normal operations.
Rescue results:
Help the company divest 200 million yuan of bank debt. Since the reorganization, production and operation have returned to the right track and turned losses into profits. The annual turnover is increasing year by year: 70 million yuan in 20 14 years, nearly 20 15 years, and it is expected to exceed 200 million yuan in 20 16 years.
Typical case 3: A valve group in Zhejiang-effectively cut off the guarantee chain
Company background:
The Group is a member of the first-class supply network of China Petroleum, an excellent supplier of China Petrochemical, a member of the spare parts supply network of China Power Station, and an AAA-level credit enterprise of the Ministry of Commerce. However, due to heavy assets and high liabilities, the Group's operating profit barely covered the bank's interest, and was unable to compensate huge interest due to the crisis of guarantee enterprises, so it was sued by the bank and was deeply involved in the guarantee chain crisis.
Rescue plan:
According to the situation of the enterprise, the expert team has formulated a set of feasible debt restructuring plans, guarantee chain response plans, litigation response plans and other plans, and assisted the enterprise in implementing the plans.
Specific measures:
1. Set up a firewall, cut off the guarantee chain in time, and protect the quality assets of the enterprise;
2. Take clever ways and strategies to deal with bank litigation and successfully prevent banks from sealing up and freezing enterprise assets.
Rescue results:
Activated the high-quality assets of the enterprise, promoted its rapid recovery of production, and the operating funds of the enterprise were increasingly enriched.
Typical Case 4: An industrial technology company in Jiangsu-successfully resolved the legal risks of shareholders.
Company background:
Founded in 2000, the company has nearly 1000 employees. The fixed assets of the Group are worth 300 million yuan, with an annual output value of 2 billion yuan. However, because the group does not distinguish between public and private, the financial situation is chaotic and the legal risk is huge; Because of blind expansion, the capital chain is broken; All subsidiaries and holding companies of the Group are caught in the whirlpool of guarantee chain. The bank loan of the company is about 680 million yuan, and the private loan is about 65.438+0.2 billion yuan. Most of its assets have been mortgaged, and it has been unable to pay the high principal and interest of banks and the private sector. Some assets have been sealed up and frozen, most accounting vouchers are not standardized, the procedures for current accounts are unclear, and the financial statements are illegal. Shareholders are facing serious legal risks.
Rescue plan:
According to the key issues of the Group, the expert group has formulated legal risk resolution plans, debt response plans, asset restructuring plans and company operation plans. And set up a firewall for the company's core assets such as land and factory buildings.
Specific measures:
Formulate the company's business plan and adjust the equity structure;
Through financial, strategic, legal, resource and other means, make up for the loopholes in corporate finance and taxation, and help establish a legal and compliant financial system.
Rescue results: the business operation of the enterprise has returned to normal, the property, vehicles and securities under the names of shareholders and legal persons have been successfully protected, the major legal risks of shareholders and legal persons have been completely resolved, and the guarantee chains of all holding companies and all subsidiaries have been lifted.
Typical case 5: A new energy company in Jiangxi-successfully coping with excessive investment.
Company background:
Founded in 2003, the enterprise is a large-scale high-tech enterprise engaged in the research and development and production of solar photovoltaic technology, and is one of the important research and development bases of the State Key Laboratory of Silicon Materials of Zhejiang University. Due to over-investment and blind production, the capital chain is broken, resulting in overcapacity; And all bank loans are due, and corporate accounts are handled in violation of regulations, facing serious legal risks.
Rescue strategy:
Shanghai Zhonghe Zhengdao has formulated an asset optimization plan, a lawsuit response plan and a legal risk resolution plan for it, and comprehensively responded to the crisis through the implementation of the plan.
Specific measures:
1, coordinating government departments to give policy support;
2. Rent out the company's idle factory buildings;
3. Ensure the normal operation of its main business, shut down the operation of other industries, solve the fund gap in operation through combination, and use various means to increase income and reduce expenses for enterprises.
Rescue results:
Enterprises move from diversification to simplification, to the road of industrial transformation; The legal risks of enterprises have been completely resolved, the support of the government and banks has been won, and 70% of bank debts have been successfully resolved.
Typical Case 6: Integration of Industrial Resources
Enterprise background;
A glass manufacturing company in a province (the specific name of the company is hidden here to protect the company) is a typical example of many integration cases of our company. Glass Company is the largest float glass manufacturer in this province, and has built a 550-ton/day high-quality float glass production line with an annual output of 400 million yuan, realizing tens of millions of profits and taxes. However, in 20 14, due to rapid expansion, blind investment and broken capital chain, the glass company was loaned and pressured by banks, which led to high debts and finally a serious debt crisis broke out.
Rescue strategy:
Therefore, after many discussions, our restructuring strategy experts and resource integration experts have formulated a strategic system of "self-help restructuring+integration rebirth":
First of all, we resolve the legal risks of shareholders for the company and ensure that the core management team of the company will not leave; It also strips off high debts for enterprises, helps enterprises stop bleeding and avoids causing greater losses;
Secondly, introduce China Resources, the largest state-owned glass company in China, and seek its professional management and technical team to enter the glass company to help restore normal production and operation;
Third, glass enterprises need to maintain equipment, but the liquidity is seriously insufficient. We introduced a special government fund of 39 million yuan to advance the maintenance cost, and the glass company gradually repaid the government funds in the form of semi-annual payment in three years to reduce the pressure on the use of funds;
Fourth, the raw materials for glass production are basically complete, except for the high price of local soda ash. Therefore, our company will match Salt Lake Potash Fertilizer (a listed company specializing in soda ash production) with glass company, coordinate the delivery of soda ash from Qinghai, and reduce the production cost as much as possible.
The fifth is to introduce 654.38+550 million US consumer news and business channels into fixed equipment and start the production and operation plans of two production lines to maximize the glass production efficiency.
Finally, our company will also convert the consulting service fee charged to the glass company into equity to support the future development of the glass company.
Rescue results:
By formulating industrial integration strategy, glass companies can reduce production costs, expand production scale, enhance the core competitiveness of enterprises, form economies of scale, and finally gain new market power, market scope and market control rights. At present, the glass company has resumed normal production, and the business confidence of entrepreneurs has increased. The follow-up will promote the direct listing of glass companies.