After more than two months of preparation, on the morning of 13, the first creditors' meeting of the reorganization case of Lifan (Industry) Group Co., Ltd. and ten wholly-owned subsidiaries was held in the Fifth Intermediate People's Court of Chongqing. The bankruptcy and reorganization of Lifan Automobile officially kicked off.
◆? trial site
On the evening of August 7, Lifan announced that the controlling shareholder "Lifan Holdings" was insolvent and unable to pay off the debts due, and formally applied to the Fifth Intermediate People's Court of Chongqing for bankruptcy and reorganization.
On August 1 1, Lifan Holdings officially entered the bankruptcy reorganization procedure after the court ruled that it was accepted. At the same time, 962 known creditors were notified to declare their claims, requiring them to declare their claims before September 30. Those who fail to declare within the time limit will no longer enjoy the qualification of creditors.
"Lifan's first creditors' meeting (live screenshot)"
Long Wu (pseudonym) is a distributor of Hubei Lifan, and he also received a notice from the court. Subsequently, according to the lawyer's requirements, prepare materials and declare creditor's rights. The total amount of creditor's rights he declared was 330,000 yuan, and the effective creditor's rights finally recognized by the court were 278,000 yuan.
But the trial is still a long way from finally getting the money. Longwu listened to the trial for more than three hours. The main content of this trial is to clarify the total amount of creditor's rights and designate the responsible institution for Lifan's restructuring. As for the repayment plan, there is no timetable yet.
The legal entity of Lifan this year is Lifan Automobile Sales Co., Ltd. The audit results of the debt manager appointed by the court (hereinafter referred to as the "manager") show that the current book assets of Lifan Sales Company are about 30 million yuan and the fixed assets are about150,000 yuan.
"Lifan Auto 4S Shop"
Compared with debt, these assets are nine Niu Yi dollars. In two months, the administrator received 489 claims, with a total amount of165438+28 million yuan, and the final approved total amount was 699 million yuan. The main reasons for not approving the creditor's rights are pending litigation, unqualified applicants and insufficient evidence. In other words, there is still a gap of nearly 700 million between the assets and debts of Lifan Sales Company.
In addition, Lifan Sales Company still has 162 civil litigation and arbitration litigation unresolved, involving about 870 million yuan. Among ordinary creditors, the largest single debt is Xi 'an Sub-branch of Ping An Bank Co., Ltd., with the approved amount of creditor's rights of 284 million yuan; The smallest single debt is Xiamen Jianxiu Mirror Industry Co., Ltd., with the approved amount of 1.665 yuan.
According to the law, the existing book assets of Lifan Sales Company will be used to pay employees' salaries and social security in the previous year, and then the order of debt repayment is tax payment, priority debt, supplier debt, construction debt, transportation debt and finally dealer debt.
Long Wu told us that the trial appointed the management team of Chongqing Bank to be responsible for the fund management during Lifan's restructuring, with the goal of working out the restructuring plan within 2020. As a dealer, Long Wu will have to wait for some time to get the money.
◆? Outside the trial
The manager's work report pointed out that the current predicament of Lifan Sales Company is caused by short-term loans and long-term investments, strategic investment losses, poor internal management and other comprehensive factors.
Debt problem is the fuse of Lifan's bankruptcy. In March, the "16 lifan 02" bond of Lifan shares was exposed to redemption risk, and the bond with a balance of 530 million yuan could not be repaid at maturity. Subsequently, a series of debt problems broke out, and a large number of creditors filed lawsuits, which directly led Lifan to file for bankruptcy.
The more fundamental problem is that Lifan has long been poorly managed and its products are not competitive. Lifan, as a family business founded by Yin Mingshan, has never found a suitable successor, and the enterprise lacks effective management.
"Lifan Xuan Lang"
In the Lifan system, Yin Xidi, the son of Yin Mingshan, serves as the chairman of Lifan passenger car and Lifan engine, and is also in charge of finance and real estate business; His daughter Yin Suowei holds Lifan Holdings and lifan motorcycle business, and was once the "richest woman" in Chongqing after the 1980 s; Yin Mingshan's second wife, Chen Qiaofeng, also holds an important position in Lifan.
Lifan's family management is obviously not effective. Yin Mingshan himself once said that his son is not interested in the operation of the company and his daughter is not mature enough. Therefore, he also tried to find a successor from outside. When he retired, he appointed Chen Wei, then the executive chairman and chief scientist of Lifan Motor, as the chairman of Lifan Motor.
However, Chen Wei, Kyle, Shang You, Mou Gang and other senior executives left their posts one after another, and Lifan finally failed to break through the pattern of family management. On April 27th, Yin Mingshan pushed her granddaughter Yin, who was only 25 years old and had not graduated from graduate school, to the front desk and became a company executive. One is old and the other is young, which highlights the dilemma of this family business.
Yin anni
Management problems directly lead to product problems. From fuel vehicles to new energy sources, Lifan products have always had a bad reputation. In April, there was even a farce of "telling yourself". Panda Motor, a subsidiary of Lifan Holdings, sued another subsidiary Lifan passenger car for product quality problems, claiming 800 million yuan. Lifan passenger cars also openly admit that there are problems with the products.
Poor management, poor products and debt turmoil have caused Lifan to fall into today's predicament. The semi-annual report of 2020 shows that in the first half of the year, Lifan's operating income was 65.438+58 billion yuan, down 69.4% year-on-year; Net profit was-2.6 billion yuan, down174% year-on-year; Lifan's net assets are only/kloc-0.07 million yuan.
◆? How to end it
Although motorcycles still have certain hematopoietic capacity, it is impossible to solve the debt problem by Lifan itself.
At the audit meeting, the administrator pointed out that the success of Lifan's restructuring depends on the introduction of new investors and the final landing of funds.
On August 26th, Lifan issued a recruitment announcement to openly recruit and reorganize investors. On September 14, Chongqing Liangjiang Equity Investment Fund Management Co., Ltd. (hereinafter referred to as "Liangjiang Fund") and Geely Maijie Investment Co., Ltd. (hereinafter referred to as "Maijie Investment") submitted the registration materials of investors to be reorganized and formally participated in Lifan's restructuring plan.
In fact, it was reported in May that Geely would acquire Lifan, but both sides denied it. According to the regulations, Liangjiang Fund and major investments must abide by the confidentiality agreement within the time limit specified by the administrator. Therefore, after Geely publicly participated in Lifan's restructuring, there has been no specific information outflow.
As the first meeting of Lifan debtors, this trial is only the beginning of reorganization, and 700 million yuan is only the debt of Lifan Sales Company. Lifan's semi-annual report shows that Lifan's current total debt is as high as168 billion yuan, and automobile production and sales are basically stagnant. In order to realize the reorganization, a lot of money is needed for blood transfusion.
Since 20 19, Long Wu and other dealers have repeatedly defended their rights and asked Lifan for arrears, but it has not been effective. With the start of the creditors' meeting, Lifan's bankruptcy reorganization and debt repayment plan will make substantial progress. New external investors are also Long Wu's last hope to repay its debts. (Text/car home? Jiang)