Analysis of Jinfeng paper industry entering bankru

2022-09-28
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In 2013, Jinfeng paper industry entered the situation of bankruptcy and reorganization

at present, Sichuan Jinfeng entered the situation of bankruptcy and reorganization due to financial difficulties, becoming the first enterprise in Chengdu to go bankrupt and reorganize since the implementation of the enterprise bankruptcy law

on April 16, it was learned from insiders that after being adjudicated bankrupt and restructured by the Chengdu Intermediate People's court in January 2013, the administrator of Sichuan Jinfeng recently announced that the public recruitment of restructured investors would begin on April 18, and April 23 would be the last time for Jinfeng paper to publicly recruit restructured investors. Caoaiwu, the person in charge of the manager of Jinfeng paper (an affiliated company) appointed by the Chengdu Intermediate People's court and the chairman of Sichuan Haocheng enterprise liquidation Office Co., Ltd., told

it is worth mentioning that Cao Aiwu is also the head of the manager of Chengdu Prince milk Biotechnology Development Co., Ltd

moment of life and death: bankruptcy and reorganization after four years of shutdown

as a former well-known cigarette paper production enterprise, Sichuan Jinfeng and its two subsidiaries, Sichuan Jinfeng innovation industry company and Sichuan Jinfeng sbeck paper products company, finally embarked on the moment of life and death: on April 17, the manager of the above company announced that it decided to publicly recruit reorganization investors from April 18 to April 23

according to the announcement on the recruitment of reorganization investors, according to the application of creditors, the intermediate people's Court of Chengdu, Sichuan Province made civil rulings (2012) cmbz No. 1, No. 2 and No. 3 on November 8, 2012, accepting the reorganization applications of the above three companies respectively, and appointed Sichuan Haocheng enterprise liquidation firm Co., Ltd. as the manager of the three companies. The Chengdu Intermediate People's court ruled on January 8th, 2013 to merge and reorganize the three companies

Cao Aiwu revealed that at present, Sichuan Jinfeng and its affiliated companies have combined total assets of 400-500 million yuan, including four cigarette paper production lines and a production plant covering an area of about 180 mu, with a total liability of 1 billion yuan. Relevant people familiar with Sichuan Jinfeng told that since 2008, Sichuan seat system: PU raw materials use low odor polyols and catalysts, PVC uses low odor PVC powder and water-based surface treatment agents; Jinfeng's production was in an abnormal state. From May 2009 to August 2012, the above three companies basically stopped production and only accepted sporadic processing of incoming materials for production self-help. They stopped work after August last year

in this recruitment announcement, the manager put forward relevant requirements for the investors who intend to participate in the reorganization, among which the important thing is to have the production, operation and management ability suitable for the business scope of the three companies (Sichuan Jinfeng and its holding company) (experience in cigarette paper, industrial and household matching paper and similar industries is preferred). Two or more companies can jointly participate in the investment, but at least one company meets the above conditions. The announcement shows that investors who intend to participate in the reorganization should pay a deposit of 5million yuan to the manager at the time of registration. At the same time, the manager confirmed the shortlisted restructuring investors on April 23, 2013. For those who are not shortlisted, the manager shall return their deposit within 7 working days

in Cao Aiwu's view, using the reorganization procedure to solve the debt problem of Sichuan Jinfeng can not only reflect the legal value of saving the enterprise bankruptcy law, but also for new investors, the capital investment is small, the debt problem can be solved in a package in the reorganization procedure, and the legal risk is controllable. At the same time, for the debtor, it can also obtain a higher repayment ratio than bankruptcy liquidation, which should be said to be the only win-win legal procedure. As the first company reorganization case accepted by the Chengdu Intermediate People's court, the courts and governments at all levels pay close attention to it

people in the tobacco industry sigh about the decline of Sichuan Jinfeng. Previously, Sichuan Jinfeng was once brilliant, once accounting for 23% of China's cigarette paper market, and was one of the five golden flowers in the cigarette paper market. (the other four are Yunnan Hongta Lanying paper, Mudanjiang Hengfeng Paper, Hangzhou Huafeng Paper and Jiaxing Minfeng special paper). Many domestic cigarette factories, including Chengdu cigarette factory and Shifang cigarette factory, have the name of Jinfeng in their class a cigarette paper supply chain

Jinfeng cigarette paper was awarded the title of famous brand product in Sichuan Province in 2002, 2003 and 2005, and was rated as one of the 100 most competitive brands in China. In 2004, it also won the title of top 50 industrial enterprises in Chengdu and top 500 largest industrial enterprises in Sichuan

more importantly, there are strong barriers to entry in the cigarette paper industry, and the production of cigarette paper must also obtain the monopoly license issued by the state tobacco monopoly administration

with two golden keys of huge market and industry access threshold, why did Jinfeng end up in today's decline

it's not the product quality. There is a problem with the quantity of GT anti cutting gloves launched by Wisconsin company in Japan, nor is there a problem in the market, said a person familiar with the matter. In 2001, Jinfeng paper's plan to list in Hong Kong collapsed midway, becoming an inflection point for enterprise development. This directly led to Jinfeng paper's original investment of about 550 million yuan to build two new production lines of high-grade molding paper and high-grade tipping paper, which fell into the dilemma of making bricks without straw. At the same time, under various factors such as rapid expansion, poor governance of the board of directors and management, and financial chaos, Sichuan Jinfeng began to fall into a desperate situation. It can be said that by August 2008, the capital chain of Jinfeng paper, which was in debt, was basically broken

industrial and commercial data as of November 8, 2012 showed that the registered capital and paid in capital of Jinfeng paper industry were 239.2 million yuan, of which: Hong Kong jubiao investment company accounted for 89.93%, China Tobacco investment management company accounted for 4.99%, Yunnan Jiangchuan Cuifeng paper company accounted for 4.52%, and Chengdu Wenjiang Jinyuan Industry Co., Ltd. accounted for 0.56%

comeback: several institutions have investment intentions

according to the provisions of relevant laws, the performance of the pipe membrane has been improved by 20%. The manager has formulated the work plan of this public recruitment of reorganizers. According to the plan, the deadline for the registration of the first round of investor recruitment shall not exceed April 23 at the latest. The first round of recruitment was completed before May 8. If a suitable investor cannot be recruited as scheduled or the conditions of the investor cannot meet the requirements of legal procedures, the administrator shall apply to the people's court for an extension, but the maximum extension shall not exceed 3 months, that is, the administrator shall submit the draft reorganization plan to the creditors' meeting for resolution at the latest on August 8, and if it can be passed, the reorganization will be declared successful. If it cannot pass, Jinfeng company can only solve the debt problem by quickly finding the cause of the shortcomings through bankruptcy liquidation and formulating correct and fair treatment plans and procedures for the problem

at present, the administrator, the local government and the court are trying to save it, and it is not easy to judge the recruitment results of restructuring investors. There are several institutions that have clearly expressed their intention to invest in this project, but the current manager is inconvenient to disclose

then, what are the requirements for the future planning of Sichuan Jinfeng after the public recruitment of restructuring investors

in this regard, Cao Aiwu believes that cigarette paper and cigarette supporting special paper should be the main industry, and other industrial special paper should be the key products to build a century old store, and even return to the capital market

since the equity interest of Sichuan Jinfeng 3 debtor has been negative, the investor will obtain all the assets and management rights of the 3 debtor company according to law after investing in the 3 debtor through the reorganization procedure

now, whether Sichuan Jinfeng can open the cigarette paper market again, the time left for it is obviously not much. The concentration of the downstream market will inevitably lead to the reshuffle of cigarette paper related industries. The boss of an enterprise engaged in the manufacturing of cigarette outsourcing seals in Yunnan told that the inability of cigarette enterprises to purchase exclusively limited the concentration of the supporting industry. However, the merger and reorganization of cigarette enterprises significantly reduced the number of enterprises, which objectively directly led to the improvement of the concentration of the supporting industry, which may be good news for the rebirth of Jinfeng company

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