The Garment Enterprises That Are Facing Bankruptcy Will Regain Vitality By Restructuring &Nbsp;

"Tang eagle's trousers are quite graceful."

This advertisement is familiar to Ningbo people.

But in August of last year, Hu Xuer, chairman of Ningbo Tang Ying Fashion Co., Ltd., ran away, leaving behind rumors and dangerous businesses everywhere.

Half a year later, spring is cold and chilly, and Fenghua is coming.

Even more gratifying is that since last August's crisis, Tang Ying has not stopped working for one day without losing a single employee, and neither supplier nor distributor has withdrawn.

New appearance of Tang Eagle

After the Spring Festival, migrant workers returned to the city.

In the east suburb industrial park of Fenghua Economic Development Zone, there began to be a scene of loud noise and machine roaring.

As one of the largest trousers production bases in China, the production plant of Tang Ying Garments Co., Ltd. is located in this provincial Development Zone.

In the business of busy orders after the holidays, Tang Ying is not a special eye. The vehicles with foreign license plates are coming in and out of the factory area, and the signs outside the front door are hung up for recruiters, which are difficult for people to think of at once. The company was also bankrupt because of the departure of former chairman Hu Xu, just six months ago.

"We started in the park early, at the beginning of the month ten, the original production line more than 230 employees went to the post, no one was lost.

Many employees have also brought new employees. Now the number of workers has doubled, and the production line has doubled. "

Jiang Shijun, the chairman of the company's new chairman for a month, told us with a smile.

From the office of Xu Liping, the treasurer, we can see the production.

After the storm, Tang Ying employees still have confidence in the future.

Liu Bin, a Henan employee, said that after the Spring Festival, he brought more than 50 new employees from his hometown.

Because even when the boss was on the road last year, wages were paid on time.

"Thanks to the government, we are grateful to all of our staff."

Looking back on this half year's mental journey, Tang Ying employee Zhou Queping has a lot of feelings.

After the start of the festival, Tang Ying invested 8 million yuan to add 6 production lines, so that the company's production line reached 12, and production capacity doubled.

Government launch

Tang Ying is a local private enterprise in Fenghua, the hometown of the red band tailor. Since its founding in 1997, Tang Ying has been walking steadily in one of China's largest trousers production bases.

Surprisingly, in August 28, 2011, the Fenghua municipal government and Yue Lin Street had received reports: in August 27th, Hu Xuer, chairman of Tang Ying Clothing Co., Ltd. left.

This has revealed the serious financial problems of Tang Ying.

At that time, some private enterprises were faced with the financial crisis and the small and medium-sized owners frequently ran away from the debt. The Tang Ying incident was thrown into the cusp of public opinion. For a while, there were four rumors and enterprises were in crisis.

The Fenghua municipal Party committee and the municipal government decided to take the lead and set up the leading group of crisis management of Tang Ying company, and set up six teams, namely, the comprehensive coordination group, the on-site security group, the management and management group, the audit evaluation group, the creditor declaration group and the legal affairs team to deal with this unexpected incident.

Around the "Bao Tang Eagle brand", ensure the stability of the workforce, protect the interests of creditors, ensure production.

On the day of receiving the report, Yuelin Street office and Yuelin police station dispatched 8 security personnel and 1 security patrol cars to take over the site security of Tang Ying company, and put an end to external factors affecting the production and operation of the company.

Since September 12th, the government has taken over all kinds of information such as company seal, financial seal, contract seal, financial account book and so on.

On the 12 day, the working group held a meeting of workers above the middle level to talk about the situation and encourage confidence.

Through door-to-door and telephone calls, the working group visited nearly 100 merchants from upstream and downstream businesses in Ningbo, Shanghai and Hangzhou, and with a debt rate of 100%, gained trust and ensured stable supply and normal production.

Asset assessment has also started rapidly.

After careful and meticulous work, the staff assessed that the total assets of Tang Ying company were 98 million yuan and the total liabilities amounted to 200 million yuan, excluding trademark rights.

This laid a solid foundation for successfully resolving the crisis.

In November 2011, presided over by the Fenghua people's court, 3 creditors' meetings were held, which announced the status of creditor's rights registration and audit evaluation, and basically unified the reorganization plan of enterprises.

In January 4, 2012, the enlarged meeting of creditors' committee was convened again, and the relevant terms of stock pfer price and pfer were basically determined.

The 4 creditors' meeting gained the unanimous understanding and support of the creditors. They expressed satisfaction with the government's reorganization plan, which has won a good social environment for resolving the crisis.

Due to the effective measures, after the crisis, Tang Ying company did not stop working for one day, and the workers did not lose one.

Roman disk

During the process, the working group found that the 4 companies of Ningbo Tang Ying trousers Co., Ltd., Ningbo Shengji Denton Clothing Co., Ltd., Fenghua Hanfeng Clothing Co., Ltd. and Ningbo Nan Jia Garments Co., Ltd. were registered as independent corporate entities, but they were confused with the debtor Ningbo Ying Ying Garments Co., Ltd.

"It is mainly manifested in financial confusion, confusion in property, confusion of management personnel and mix of offices."

After consulting with the court, in September 26, 2011, the working group applied to the court for the merger and bankruptcy and unified liquidation of the 4 affiliated enterprises and the debtor Tang Ying clothing company.

The Fenghua people's court made a civil ruling in October 9th, ruling that four enterprises merged with Tang Ying clothing company and went bankrupt and unified liquidation.

After consulting with the Municipal People's court, the Fenghua municipal Party committee and the municipal government put forward a plan for bankruptcy reorganization of Tang Ying company, and decided to proceed in two steps.

The first step is the auction of movable property.

Movable property includes receivables, inventory, equipment, payables, trademarks, etc. after conversion, the net assets are about 6 million yuan, and the right to use trademarks is 12 million yuan.

The proceeds are used to cover bankruptcy costs and

The second step is to acquire land certificates and real estate certificates for real estate and then buy them by the government.

Part of the proceeds from the acquisition will be used for the expenditure of certification, part of which will be used to pay for the purchase of land and housing, and the rest will be used to repay company loans.

In December 2, 2011, the working group published the tender announcement for the bankruptcy reorganization of Tang Ying apparel Co., Ltd. in the local media. 7 enterprises were informed of the situation by the working group, and some enterprises also prepared detailed bidding plans.

As of December 29th, 5 million yuan deposit was paid to the working group by two companies, the Ningbo Luo Meng group Limited by Share Ltd and Ningbo Sheng Xiang Investment Limited.

After a comprehensive evaluation of the two enterprises, which accounted for 80% of the price and 20% of the development plan after the development, the working group considered that winning the bid by Tang Ying would be very beneficial to the future development of the two companies.

In January 6, 2012, Luo Meng signed an agreement to buy Tang Ying company's movable property at a price of 18 million yuan, of which the net assets were 6 million yuan and the price of trademark usage was 12 million yuan.

Redevelopment of wings

In January 6th, Jiang Shijun, the former managing director of the Luo Meng clothing Limited company, was appointed chairman of Tang Ying company.

In January 15th, Eagle hawks paid a total of about 3300000 yuan of employees' benefits, which was more than a month earlier than the agreed welfare benefits.

According to the plan, within six months, Tang Ying will strengthen management and reduce costs while stabilizing production.

"For example, we should streamline 50 administrative personnel to 20 places, and contract all of our own stores."

All production orders have been full this year.

The output is expected to increase from 320 thousand last year to 1 million, sales revenue increased from about 20000000 yuan last year to 100 million yuan, and the tax revenue increased from 1 million yuan last year to 8 million yuan.

The company plans to recruit 200 front-line staff in half a year to further expand the scale of production. In 3 years, the total number of employees has increased to 1500, and the annual production of trousers has reached 3 million, with an annual sales of 300 million yuan.

"In April of this year, Luo Meng will launch the" Tang Ying "brand with the new design and new image through packaging operation.

Jiang Shijun said that the new brand for men and women casual wear series, from the mature and stable in the past to young fashion.

In order to start the brand, the company plans to invest 100 million yuan in 2 years, and open 40 exclusive stores this year. At present, the address of some stores in Fenghua and Ningbo has been selected.

The company's sales target is 60 million yuan this year, becoming a regional first-class brand.