"Real Leather Shoe King" Rich Bird "Pays The Debt With The Shoe"? Celestica Fund And Shen Wan Hongyuan Lose Everything.

Recently, some people broke out the draft plan for bankruptcy of the bird of fortune. According to the information, under the simulated conditions, the average rate of repayment of the ordinary creditor's rights is only 2.5%, and the rate of liquidation is surprisingly low.

However, the 2.5% rate of payment is not all paid off by monetary funds, but most of them are repaid by shopping vouchers.

That is to say, creditors are not getting cash, but rather a large number of other fortune goods such as rich birds, leather shoes and so on.

Earlier, there were eagles and herdswinks who wanted to pay their debts by using pork and other commodities, but it seemed to be the first time to use the voucher to pay their debts.

Not to mention that the main products of rich birds are leather shoes. If creditors accept the bankruptcy reorganization plan, they will never be able to wear shoes for a lifetime.

It is understood that in this event, there are also many public funds and brokerages in this rich bird bankruptcy reorganization, such as Tian Hong Jijin, Shen Wan Hongyuan, Chuang Jin sum trust fund and so on. At the rate of 2.5% compensation, the above financial institutions are basically lost.

Take Celestica fund as an example, its Tianhong bond sunflower 2 asset management plan and Tianhong bond sunflower 11 asset management plan respectively have 117 million yuan and 107 million yuan claims, totaling 224 million yuan.

According to the rate of 2.5%, only 5 million 600 thousand yuan can be recovered, and most of them are equivalent shopping vouchers.

Voucher payment scheme for exotic flowers

In May 9, 2019, the information network of the national bankruptcy and reorganization case of the Supreme People's Court issued a notice on the second meeting of creditors and the briefing of the Limited by Share Ltd.

The information shows that the creditors' meeting was convened in written form. The rich bird sent the written conference information to the creditors on 9 May, and the creditor should submit the voting vote to the manager before May 24, 2019.

According to the written meeting information revealed by the sources, the general debt repayment rate of the bird bankruptcy reorganization was as low as 2.5%.

Such a low rate of settlement, even interest, can not be covered. Once the above scheme is approved, ordinary creditors will lose substantially.

Source: national enterprise bankruptcy reorganization case information network

According to the conference information, Fu Ying bird's debt adjustment program is divided into employee debt adjustment program, tax debt adjustment program and general debt adjustment program.

Among them, the rate of liquidated adjustment of workers' debt and the adjustment of tax debt are 100%. After deducting the above two debts, and paying priority to deducting unpaid bankruptcy expenses and common interest obligations, the remaining funds are used to settle ordinary claims.

According to the valuation report, the valuation of fortune birds is 303 million yuan, of which 165 million yuan is monetary funds. After deducting the above funds, the balance of monetary funds for ordinary claims is only 41 million 24 thousand and 400 yuan, and the rate of monetary fund liquidation is 1.1136%.

In addition to monetary funds, the restructured party intends to deliver a total of 60 million yuan equivalent to the equivalent shopping voucher for the exchange of rich and precious birds' brand goods, which is 1.6287%.

This means that in the face of more than 3 billion 600 million yuan of common claims, the rich birds can only provide 100 million yuan assets to repay.

About 60% of them are paid in the form of shopping vouchers.

At present, the book value of fortune bird inventory is 136 million yuan, and the valuation value is 54 million 247 thousand and 800 yuan.

If the shopping voucher is calculated at book value, the creditor is obviously losing money, and the actual liquidated rate can not reach 1.6287%; if the valuation is based on the valuation value, then the liquidation will consume all the stock of the rich bird.

Source: the second meeting of creditors in the reorganization of birds and birds

The wonderful thing about this rich bird bankruptcy reorganization program is that it is paid by shopping vouchers.

After obtaining the vouchers, the creditors will be able to take the coupons to the designated Direct stores within 3 years.

Shopping vouchers can be used separately or in cash, or they can enjoy discount.

But for creditors involved in large capital scale, it is impossible to digest these vouchers.

And according to the current management situation of rich birds, the number of free stores and franchised stores is in a state of continuous atrophy.

And using these shopping vouchers, we must also take delivery to the "designated direct store". We can say that the trading ability is very poor.

Even if the rich birds said that these shopping vouchers could be pferred, but this kind of voucher is afraid that the capital market will not be accepted by investors.

Celestica fund, Shen Wan Hongyuan and so on lost everything.

As a creditor of rich birds, a large number of financial institutions such as Celestica fund, Shen Wan Hongyuan and so on are undoubtedly bitter.

According to the creditors' information revealed by the sources, there are more than 200 creditors.

Among them, there are large amounts of Tianhong fund, Shen Wan Hongyuan, Chuang Jin and Shun fund, and first venture securities and China financial fund.

Celestica fund's Tianhong bond sunflower 2 asset management plan and Tianhong bond sunflower 11 asset management plan has 117 million yuan and 107 million yuan claims respectively, totaling 224 million yuan.

According to the rate of 1.1136% of the money, Celestica fund 224 million yuan claims can get 2 million 494 thousand and 500 yuan, and only interest, breach of contract, Celestica fund two products total up to 14 million 77 thousand and 800 yuan.

In addition, according to the rate of 1.6287% voucher payment, the Celestica fund can get 3 million 648 thousand and 300 yuan equivalent shopping voucher.

If each pair of leather shoes is calculated at 300 yuan, the Celestica fund can buy about 10 thousand pairs of leather shoes.

It is reported that the total number of employees of Tianhong fund is about 500, which means that each person can get 20 pairs of shoes.

Source: civil ruling of Quanzhou intermediate people's Court of Fujian

Another big injured financial institution is Shen Wan Hongyuan. The data show that the total debt of Shen Wan Hongyuan is 160 million yuan, and only 1 million 817 thousand and 600 yuan can be calculated according to the above monetary fund liquidation rate.

In addition to Celestica fund and Shen Wan Hongyuan, China financial fund, CITIC investment fund and Chinese business fund will also suffer heavy losses.

Among them, a total of 6 products under the fusion fund were involved in thunder, involving more than 70 million yuan in total capital, and 8 products under the CITIC investment fund, which involved a total of nearly 100 million yuan of funds and 5 Chinese products under the Chinese business fund, involving more than 90 million yuan.

The common debt repayment rate of the lucky birds is only 2.5%, and most of them are paid for the way of shopping vouchers.

The low rate of repayment means that the creditors will basically lose their blood.

Why does the super low liquidation rate come from?

The low rate of bankruptcy and reorganization of Fu Fu bird should be related to the existence of a large amount of violation of external guarantee. Most of the violations were guaranteed by the guarantor company, Fu Fu bird group limited and several trading companies.

All this has nothing to do with the family background of the rich birds family and the corporate governance problems caused by it.

Fuli bird is a typical family business in Fujian. In 90s, Lin peace and brother Lin and lion, cousin Lin Rong he and cousin Lin Guoqiang jointly established Fulin shoe industry, and founded the brand of "riches and birds", which involves shoes, clothing, leather goods and other industries, and provides OEM for COVANI, CONNI and many other foreign footwear brands.

Rich birds mainly attack the three or four tier cities, such as the county seat. In 2012, the rich birds came to the peak of their development. They were once among the top third brands of business casual shoes in the country.

In 2013, the company successfully landed in the Hongkong market.

However, after the listing, the rich birds quickly went "down the river".

According to the financial report, the net profit of --2016 in 2014 was 450 million yuan, 390 million yuan and 160 million yuan respectively.

Perhaps the main business is hindered, and the rich bird group is trying to diversify.

For example, it has tried to gradually enter the market for children's shoes and clothing with school uniforms as a breakthrough, and has set up an e-commerce team to promote online business.

And the real problem that caused them to get involved in the crisis is the problem of borrowing funds from affiliated companies.

In April 2015, fortune bird successfully issued 800 million yuan in 2014 corporate bonds for a period of three years.

However, Guotai Junan investigation found that there are large amounts of illegal external guarantees and funds lending activities, and most of the pledge deposits have been deducted by banks. Land, equipment and inventory have been used to guarantee mortgage to varying degrees.

As for the whereabouts of these funds, Guotai Junan said that fortune birds did not provide information related to the above guarantee and capital lending, nor did they tell Guotai Junan about the specific purpose and whereabouts of the above funds, and the whereabouts of the funds were doubtful.

As of 2017, Guotai Junan reported that the other receivables of the birds were as high as 4 billion 200 million yuan, and a large part of them could not be recovered.

According to the semi annual report of the company's February 2018 corporate bonds, the company provides external guarantees by means of deposit pledge. The balance in the reporting period is 1 billion 959 million yuan, and the guarantor is mainly issued by the mother and mother company, rich bird group limited and several trading companies.

That is to say, the rich birds are largely destroyed by the illegal guarantee and capital lending of the rich bird group and the relevant trading companies.