Why Is The Wenzhou Clothing Industry Giant Chuang Ji Group Closing Down?

"A solemn body, auspicious life."

This popular advertising slogan made Zang Ji Group

Known to every household.

Therefore, when the bookstore is concerned

When the news of the collapse came to a boiling point, no one was willing to believe that the leader of the garment industry in Wenzhou fell down like this.

However, reality is always cruel.

The reporter learned from the Wenzhou intermediate people's court that the two major related enterprises of Chuang Ji group, Zhejiang Chuang Ji Shipping Co., Ltd. (hereinafter referred to as "Chuang Ji shipping industry") and Wenzhou Far East Shipping Co., Ltd. (hereinafter referred to as "Far East shipping") held their first creditors meeting yesterday.

At the meeting, the creditors' committee and the authorized creditors' committee shall be adopted by the creditors to vote, and the two contents of the creditors' meeting shall be adopted.

Take the wrong step, lose everything, blind expansion and push Chuang chi to a dead end.

When it comes to Chuang Ji group, the first impression of all people comes from clothing.

Since 1993, Chuang Ji Group has entered the garment industry, and its concept of "business and leisure" has been highly sought after.

In 2011, the output value of Chuang Ji group was nearly 3 billion yuan, becoming a key benchmark private enterprise in Wenzhou.

Some people may ask, why did the former star enterprise fall to such a field? An insider told reporters that the Chuang Ji group took the wrong step - it was blind to expand and die.

The reporter understands that Chuang Ji group itself covers a wide range of businesses, including mining and

There are real estate, and all sectors are independent and independent accounting.

In 2006, Chuang Ji group began to enter a new field - shipbuilding industry, on the grounds that enterprises want to diversify.

Unfortunately, this new field has finally become a nightmare of the Chuang Ji group.

As a subsidiary, Chuang Ji ship's 82 thousand tonnage cargo ships are the largest tonnage ships in the history of Wenzhou shipbuilding industry, but the interests and risks are always coexisting. These two "Big Macs" did not bring glory and profits to the Chuang Ji group, but dragged them down in real life.

In 2008, when the international financial crisis surged, the international shipping industry was losing all the line, and the shipbuilding industry was naturally unlucky.

The Chuang Ji shipping industry, which has just started, has been hit by an unprecedented blow. The two "Big Bang" shipowners are ready to abandon ship due to heavy losses.

At the same time, the Chuang Ji Group also encountered the credit crisis of bank lending and mutual insurance, which is just as bad for the tight chain at that time.

In November 19, 2012, the Chuang Ji group submitted an emergency report, hoping that the municipal government would "postpone repayment of loans and reduce interest rates".

The municipal government quickly helped to help the bank.

It also helps to integrate and restructure and upgrade.

In July 2013, one of the "Big Macs" resumed production.

At the same time, under the leadership of relevant municipal departments, Chuang Ji ship has discussed with more than 10 buyers, including Greece, the United States, Denmark, Singapore and other countries, and finally successfully sold it in December 31st of the same year.

However, it turns out that even if a big Mac is sold, it will not be able to recover the decline of the Chuang chi group.

Although Chuang Ji Group also received huge capital injection from Jining Ruyi Investment Co., Ltd. (hereinafter referred to as Ruyi company), the dawn of getting rid of difficulties is only a flash in the pan.

Asset liability, highly confused managers recommend two merger reorganization

Due to the overall downgrade of the shipbuilding industry caused by the financial crisis, the shipowners' abandonment of ships caused creditors to advance the guarantee money and seek the debtors, and debtors themselves had been insolvent and unable to repay their debts due to maturity. Chuang Ji ship and far east ships submitted applications for bankruptcy reorganization to the Wenzhou intermediate people's court.

In February 27th this year, the Wenzhou intermediate people's court adjudication accepted and appointed Zhejiang Jia Ruicheng law firm, Zhejiang joint British law firm, Wenzhou Huaming accounting firm limited as their bankruptcy reorganization manager.

It is reported that Chuang Ji shipbuilding industry was established in March 2004 with a registered capital of 300 million yuan, which covers shipbuilding, repair and sales, shipbuilding parts manufacturing, processing and marketing, import and export of goods, technology import and export, etc.

The Far East ship was established in October 2005 with a registered capital of more than 4846.3 yuan, which covers the manufacture and sale of ships and marine fittings.

As of May 15th, the number of declarations of creditors in the restructuring procedures of Chuang Ji shipbuilding industry was 49 strokes, totaling nearly 1 billion 200 million yuan of claims, 32 of the confirmed claims, totaling more than 6.29 billion yuan, of which more than 3.63 billion yuan of claims were secured by property, 2.65 yuan of ordinary debts, and 2 of the labor debt rights, with a sum of 68.46 million yuan.

In the Far East ship reorganization process, the number of creditors declaring registration is 11, and the total amount of claims is more than 7.24 billion yuan. 8 creditors have already confirmed their debts, totaling more than 3.99 billion yuan, of which the creditor's rights secured by property are 2.43 billion yuan, and the average creditor's rights are 1.56 billion yuan.

At yesterday's meeting, the manager also put forward explanations and suggestions on the merger and reorganization of the Chuang Ji shipping industry and the Far East ship.

Since the Far East shipping department is a wholly owned subsidiary of Chuang Ji shipping industry, there is a high degree of confusion in the company's assets, business management and claims and debts. Therefore, the manager applies for reorganization at the same time and proposes a merger request. One can simplify the procedure and reduce the cost of reorganization. Two, it can increase the reorganization value of the property and enhance the success rate of the reorganization, and three can eliminate the mutual debt and reduce the scale of the bankruptcy debt.

However, because the merger reorganization is still in the stage of soliciting opinions, the creditors did not vote.