57 Years Old Textile Factory LAN Yan Debt 2 Billion 500 Million Zibo Intervention In Redemption

< p > "Lan Yan" is a 57 year old a target= "_blank" href= "http://www.91se91.com/" > textile < /a > factory. There are two generations of people working in factories. If the enterprise can not get through the crisis and can not return the funds raised by the workers, not only will I be unemployed, but the two generation of my family's savings will also become a bubble. Talking about the predicament of enterprises, Song Ming, a veteran worker of the Zibo Lanyan Group Co Ltd (hereinafter referred to as "Lan Yan group"), has a complicated mood. < /p >
< p > LAN Yan group was founded in 1956. It is the largest textile enterprise located in Zhoucun, Zibo, the largest textile factory in Asia. It is also the largest denim factory in Asia. Its annual denim is 50 million meters, denim "a" target= "_blank" href= "http://www.91se91.com/" > clothing < /a > 10 million. < /p >
< p > however, the "Lan Yan" that has experienced ups and downs is now facing the biggest crisis in history. Local Jiaxu chemical and Bo pump technology has gone bankrupt and will be dragged to the abyss with the Lanyan goose tied to the joint insurance chain. At present, LAN Yan group has liabilities of up to 2 billion 500 million yuan, and is in the danger of executives being investigated, operating losses, insolvency and inability to repay debts due. < /p >
< p > disturbing is that the LAN Yan group has a joint insurance relationship with many local enterprises. If the enterprise is bankrupt, it will form a larger Domino shock wave, triggering a series of crisis in the local economic ecology. < /p >
< p > whether the LAN Yan group can stick to it has become the key defense line. < /p >
< p > < strong > < < a href= > http://sjfzxm.com/news/index_p.asp > > LAN Yan > /a > folding wing < /strong > /p >
< p > "at present, the chairman Sheng Wenzhong is restricted." In the face of reporters' questioning, Jia Yan, director of the office of LAN Yan group, blurted out, but then changed his mind. The Zibo municipal government has sent a working group to enter the business. You can find them. " < /p >
< p > Lan Yan, a staff member including song and Ming, confirmed to reporters that in April of this year, assistant general manager of LAN Yan group was arrested for selling the imported cotton quota. Chairman Sheng Wenzhong is assisting the investigation. < /p >
What's more urgent is that P's capital chain is almost broken, from the star enterprise to the edge of bankruptcy. < /p >
< p > according to an internal document of the LAN Yan group, "the total assets of the enterprise account is 1 billion 989 million yuan, the total liabilities are 2 billion 589 million yuan, and the debt ratio is 130%, which has been insolvent, and the maturity debts can not be paid on time." A draft plan for solving the difficulties of LAN Yan group under the judicial reorganization framework, which was drafted in October 2012, shows that the Bank of Lanyan group has a liability of up to 1 billion 900 million yuan. < /p >
< p > Song Ming is an old employee who has been in the factory for nearly 20 years. He recalled that when the business returns were good, more than 10 banks flocked in and hoped to give loans to enterprises. But now banks are scrambling to seal the factory. He witnessed a bank worker posted a notice of sealing up in the cotton warehouse. It is reported that Lan Yan debt crisis involves ICBC, ABC, Bank of China, Bank of communications, CITIC and many other internal and external banks. < /p >
< p > on the one hand, the LAN Yan group is heavily indebted. On the one hand, its own business is losing more than losing its strength. Due to the weakness of international and domestic markets, the upside down of cotton prices and the continued appreciation of the RMB, the Lanyan group lost 1-10 yuan in 2012, which amounted to 92 million yuan. < /p >
< p > in the first half of this year, the operation of LAN Yan group is still not improving. A staff member from Australia's Hong Kong spinning company revealed that in 2013 1-4, the operating rate of the company was less than 40%. Recently, 24 airfield spinning machines have only opened one. < /p >
< p > nearly 5000 workers are most anxious about the predicament of enterprises. Since 2006, LAN Yan group has begun to raise funds to purchase financing materials such as cotton and coal to solve the financing problem. The company gives 12% high interest rates, and the vast majority of employees are eager to get in. Millions of dollars are not uncommon. According to internal statistics, the debts owed by LAN Yan amounted to 148 million yuan. < /p >
"P", once upon a time, "Lan Yan" is a global brand that makes workers proud. The company set up factories in 1956, and many generations of workers fought for it. At the height of its prosperity, there were tens of thousands of employees in Lanyan group, including spinning, weaving, dyeing and finishing, and clothing, which have been exported to more than 100 countries and regions in the world. In 2000, "Lan Yan" was identified as "China's well-known trademark". < /p >
< p > nowadays, executives are being investigated, operating losses and insolvent. Song Ming is worried that if the enterprise can not survive this, employees will not only be laid off, but also will be unable to recover the about 600000 yuan fund collected by his family and friends for many years. < /p >
< p > < strong > crazy guarantee chain < /strong > < /p >
< p > for the multiple crises of LAN Yan, in May 30, 2013, the Zibo municipal government held a special meeting to set up a working group stationed in Lan Yan. The director of the Zibo Municipal Commission of letters, who is in charge of liaison with the working group, refused to request the reporter's interview, saying that the working group had just been established and could not be interviewed. < /p >
< p > however, more than half of the cities in Zhoucun have been spread all over the world. The fuse of the LAN Yan crisis is the two local businesses with their joint insurance relations, Jiaxu chemical industry and Bo pump technology. < /p >
< p > Zhoucun Jiayu Chemical Industry Co., Ltd. (hereinafter referred to as "jiaxzhou chemical industry") belongs to Zibo large enterprise Jiaxun group, which produces mainly two phthalic anhydride, two maleic anhydride, and its total assets are 348 million 560 thousand yuan. Beginning in February 2012, jiaxzhou paid the gold chain break. In April 10th, Limited by Share Ltd, the creditor of Qi Qi bank, made a difficult start and submitted bankruptcy to the Zibo Municipal Intermediate People's court. According to the plan for solving the difficulties of the LAN Yan group under the framework of judicial reorganization, LAN Yan took 140 million yuan for it. < /p >
< p > the textile industry has made a small profit, and in recent years, the market has been depressed, the enterprises have lost money, and the burden of 140 million yuan has been weighed down. An outline of the statement on the preference shares of the LAN Yan group for staff members shows: "the occurrence of Jiaxu chemical problem has seriously affected the credit of our company in various banks, resulting in the difficulty of increasing the loan after the loan is due, and even the loan is not yet available, which has caused unprecedented difficulties for the operation of the company's capital." < /p >
< p > at that time, the LAN Yan group could only produce 20 million yuan in cash, so as to help the enterprises tide over the difficulties, Zibo's leaders were pressing 20 million yuan to solve urgent problems. At the same time, the Zibo municipal government coordinated the meetings of the creditor banks. At that time, LAN Yan's credit was good, and the bank immediately declared: "to maintain good cooperation with LAN Yan for a long time, the total amount of loans remains unchanged, that is, loans will never be borrowed." The guarantee crisis of Jiaxu chemical industry was initially resolved. < /p >
< p >, however, a wave is not yet smooth. When the workers heard that Jiaxia chemical industry was bankrupt and bankrupt and Lanyan was carrying large debts, they scrambled to collect funds. One employee recalled that the initial business could return individual loans, but when the workers came in, they refused all withdrawals. < /p >
< p > May 1st every year is the time for enterprises to rebate profits to fund raising employees. But when the day came, when employees learned that there was no hope of returning the principal and interest, they were looking for business claims. Sheng Wenzhong, chairman of the board, preached that "the company's production is stable, its orders are adequate", "Kampuchea and Vietnam projects have been put into operation in the near future", "the sales of real estate projects of the company have reached 95%, and the profits are considerable". < /p >
In the crisis of P, the LAN Yan group had to sell assets and survive. It first sold its subordinate Zhou Bei ThermoElectron Corporation to Zibo organic chemical industry, transferring debts 300 million yuan, and then sold 141 acres of land in Zibo high tech Development Zone to Hongkong Nan Yi group, and received an advance payment of 130 million yuan for the production of liquid capital. < /p >
< p > in September of that year, the capital chain fracture of Shandong Po pump Polytron Technologies Inc (hereinafter referred to as "Bo pump technology") gave the crumbling "Lan Yan" a fatal blow. < /p >
< p > Bobo technology was founded in 1929. It mainly produces power station pumps and high pressure boiler feedwater pumps. It is the key backbone enterprise of the National Machinery Bureau and the national pump industry. Bo pump technology debt can not be repaid on time, as a mutual insurance business, LAN Yan group guarantees 194 million yuan for Bo pump, Bo pump guarantees 421 million yuan for Lanyan. This means that Lan Yan not only has to repay 194 million yuan for Bo pump technology, but also urgently needs to find new guarantor, otherwise he will repay the 421 million yuan loan immediately. < /p >
In the November 2012 P Zibo Lanyan Group Co Ltd report, we can see its distress. The article shows that "Bo pump technology" guarantees 421 million yuan for Lanyan group, of which 317 million yuan is separately guaranteed and the rest is jointly guaranteed by other enterprises. At present, the loan guaranteed by Bo pump is gradually expired, and the guarantee of ICBC only reached 111 million 500 thousand yuan in November. ICBC has made it clear that Bo pump technology guarantee invalid. But who will give the Lanzhou wild goose a huge guarantee at this time? < /p >
"P", which was originally able to "never borrow", has no confidence in Lanyan group at this time. In the 4-11 month of 2012, "the loans of banks reached as high as 251 million yuan, making the capital turnover of the LAN Yan group very difficult. In addition, the loans in November were relatively concentrated, reaching 340 million yuan, and the enterprises were unable to repay the loans due." In the 251 million yuan of bank loans, "100 million yuan outside the shareholding system, 75 million yuan in the city, 25 million yuan in the bank, 18 million yuan in the Agricultural Bank, 13 million yuan in ICBC, 10 million yuan in the Agricultural Development Bank, 10 million yuan in Shanghai Pudong development". < /p >
"P > helpless, the LAN Yan group can only report to the local government urgently and ask for help." please coordinate the settlement of the bridge capital 100 million yuan "to maintain the normal operation of the production and operation of the enterprise. {page_break} < /p >
< p > < /p >.
< p > < strong > salvation road < /strong > /p >
< p > the reason why Lan Yan formed a huge debt of about 2000000000 is largely related to the excessive borrowing speed and expansion speed of enterprises. This expansion led to the rapid rise of LAN Yan, but when the market environment changed, its negative effects also appeared. < /p >
< p > 1999, Sheng Wen went to the post of chairman of LAN Yan group. At this time, the international textile industry is undergoing a period of industrial restructuring. The textile industry in Europe and the United States has shifted to China because of its high labor costs. Sheng Wenzhong thinks that textile is a typical scale economy. Only when it has scale, can the product have cost advantage and benefit. < /p >
< p > from 1999 to now, LAN Yan has taken the fastest pace of expansion and the capacity has expanded by 6 times. A total of 1 Lanyan industrial parks, 1 new business districts, 9 sub factories and 11 subsidiaries were set up in the enterprises. They set foot in many industries such as real estate, paper industry, logistics, thermoelectricity, education and so on. After 2010, they also invested in factories in Kampuchea and Vietnam. < /p >
Less than P, a series of M & A expansion does not always result in large profits. An old employee from Lanyan said that at first, LAN Yan bought a bankrupt textile mill in Chengde, and it could be sold as scrap iron without being assembled. And the sieving plant invested by enterprises is hardly profitable. < /p >
< p > rapid expansion requires a lot of financial support. As the deputy director of Zhoucun finance office said, the textile industry is a labor-intensive industry with high labor costs, low added value of products and thin industry profits. Financing has become the key to the development of textile enterprises. < /p >
< p > in fact, the LAN Yan group is doing everything possible to solve the financing problem. In 2002, LAN Yan began to receive counseling and prepare for listing and financing. Employees can reflect that when they are only one step away from the listing, their employees report that they are suspected of tax evasion. Finally, LAN Yan not only paid a lot of taxes, but also ended the road of listing. < /p >
< p > since 2005, the LAN Yan group has raised funds for its urgent needs in the internal staff to purchase cotton, coal and other means of production. But after all, employees' fund raising is limited, with a maximum of only one or two billion, which is obviously a drop in the bucket compared to the funds needed for rapid expansion. < /p >
< p > enterprises seem to be able to obtain the required funds from banks. Loans must be secured by assets and secured without collateral. Although interconnection insurance has temporarily solved the bottleneck of capital, once a company's capital chain is broken, it will bring crisis to other enterprises. < /p >
A senior executive at the Zhoucun branch of Agricultural Bank of China (P) recalled that Lan Yan had had ups and downs for more than half a century. In his memory, the company experienced five or six security crises. < /p >
In 2005, Asia's largest towel factory, the Zibo Eagle Group, went bankrupt. Lanyan had secured it. In 2010, the Zhoucun group was bankrupt, a statement spread among the staff, Lanyan secured 50 million yuan for it. < /p >
< p > interconnection and mutual insurance is not only a huge potential risk, but also a high cost of loans. Jiang Ming, former president of the LAN Yan group, pointed out that if we want to borrow money, we must accept the binding conditions such as acceptance and discount. At the end of the year, the bank interest rate is as high as 30%, which is to catch up with the usury. This is too high for the small profit textile industry. < /p >
< p > 2011, the bank was affected by the ratio of deposit to loan. In order to increase the deposit requirement for the full acceptance of the LAN Yan group, this alone allowed the company to pay more than about 40000000 yuan discount interest in 2010. < /p >
< p > a member of the LAN Yan group, who does not want to be named, thinks that the reason why the enterprise has to spend high interest and spend several times on the guarantee crisis is largely due to the enterprise's quota of more than 40 thousand tons of imported cotton. This is the second largest import cotton quota in Shandong, second only to Wei Qiao. < /p >
< p > originally, in order to protect the interests of cotton farmers, the state implemented a quota system for cotton imports. Only the enterprises with quotas could import foreign cotton with lower prices. Last year, the cotton price in the domestic market was 20 thousand yuan / ton, but the Lanyan group gained import price from the quota only 13 thousand yuan / ton, and sometimes there was a difference of 10 thousand yuan between domestic and foreign cotton price per ton. < /p >
< p > according to Lan Yan, the relevant employee said that 2012 was the most urgent year for the LAN Yan group guarantee crisis, and it was also the year when the quota for selling cotton imported by the state was the largest. Last year, enterprises only processed less than half of the imported cotton, and most of the quotas were sold to other enterprises at a price increase, and huge profits were obtained. < /p >
< p > due to reports by internal staff, the General Administration of customs began investigating Lanyan in early 2013. An executive responsible for the work has been arrested. Sheng Wenzhong, the chairman of corporate legal person, is also assisting in the investigation. This also means that the LAN Yan group can no longer sell import quotas to defuse the current guarantee crisis. < /p >
< p > in order to save themselves, the LAN Yan group sent a letter to all the workers in May 1, 2013. According to the content of this letter, the Lanyan group carried out an internal reorganization: "based on the original spinning and weaving, dyeing and dyeing and clothing department of the original LAN Yan group, three independent Incorporated Company, namely Zibo Honghong Textile Co., Ltd., Zibo Peng Feng Textile Co., Ltd. and Zibo Rukang Textile Co., Ltd., were rehoused to settle all employees, mainly to solve the problem of company guarantee, and to achieve self rescue and out of business difficulties." < /p >
< p > the office director of the Lanyan group, Jia Ke, said that after the internal reorganization, the three companies are independent legal persons and operate independently. Dealers, suppliers and foreign customers suddenly found that the name of the enterprise changed, and the recipients of the payment and payment changed completely. This requires a lot of explanation from enterprises. < /p >
< p > however, internal separation still can not solve the huge debts and UNPROFOR risks. At present, LAN Yan group is planning to regain its new life through judicial reorganization. < /p >
< p > according to an internal document of the LAN Yan group, enterprises are deliberated on the "negotiation and consultation mechanism through the judicial reorganization procedure, which will make a repayment arrangement for the repayment period and amount of the bank and the secured debt". At the same time, we can adopt the way of mutual insurance after separate enterprises, so as to reduce the risk of mutual insurance. < /p >
< p > Jia Ke said that Lan Yan had not yet applied for bankruptcy, nor did he know what procedures he would take in the future. The local government hopes that Lan Yan will help themselves. Because LAN Yan also has a joint insurance relationship with other enterprises. Once the orchid goose is out of order, there will be a Domino effect, triggering a series of crises. < /p >