The National Brand Noble Bird With 2.5 Billion Overdue Loans Was Sued By The Court For Reorganization Due To Its 2.5 Million Loan Arrears

The first stock limited company (hereinafter referred to as "the first stock limited company") is unable to repay the debt.

According to the company's notice of restructuring, the company's debt can not be paid off by the company's creditors Please, the court will appoint an administrator, and the creditors will declare their claims to the administrator according to law. The manager or the company shall formulate the draft company reorganization plan within the prescribed time limit and submit it to the creditors' meeting for deliberation and voting. The creditors of the noble bird are paid off according to the reorganization plan approved by the court. If the guirenniao or the administrator fails to put forward the draft reorganization plan on schedule, or the draft reorganization plan cannot be approved by the court, or the debtor is unable to implement or fail to implement the reorganization plan, the court will rule to terminate the reorganization procedure of the noble bird and declare the noble bird bankrupt. However, no matter whether the company enters the reorganization process or not, the noble bird will maintain the stability of daily production and operation on the existing basis.

The reporter noted that on the evening of August 10, the noble bird disclosed that due to the company's failure to repay the loan principal and interest and to pay the loan interest on schedule, some banks filed a lawsuit application with Quanzhou intermediate people's court, and Quanzhou intermediate people's court accepted the relevant application. It is said that the amount involved in the case was 511 million yuan.

According to the announcement, in January 2019, qihuangxing Hardware Products Co., Ltd. signed the annual purchase contract of shelves and atmosphere props with guirenniao, stipulating that qihuangxing Hardware Products Co., Ltd. would provide shelves and atmosphere props for noble birds' sports brand stores (counters) with the payment time of 90 working days after issuing the VAT special invoice.

From August 2019 to October 2019, the total amount of shelves and atmosphere props purchased from qihuangxing Hardware Products Co., Ltd. is 325733400 yuan. According to the contract agreement of both parties, qihuangxing Hardware Products Co., Ltd. has issued the invoice of payment for goods from August 2019 to October 2019 in November and December 2019 respectively, with a total amount of RMB 3257334. According to the contract, guirenniao should pay the above payment before April 24, 2020, but guirenniao only paid 750012 yuan of the above payment to the applicant through the designated third party, and the remaining payment of 2.57322 million yuan has not been paid.

On July 1, 2020, qihuangxing Hardware Products Co., Ltd. served the debt collection letter to guirenniao, which informed the applicant that the company was unable to pay off the debts due. Up to now, the noble bird has not paid off the aforesaid debts to the applicant.

The board of directors of the noble bird said that if the debt risk of the company can be properly resolved through the restructuring process, the company will return to the track of healthy development. Therefore, qihuangxing Hardware Products Co., Ltd. applies to the court for reorganization of the noble bird, which is conducive to optimizing the allocation of resources and providing a good opportunity to resolve the company's current crisis and risk. During the period when the court accepts and reviews the case, the company will cooperate with the court to study and demonstrate the feasibility of the company's reorganization, formulate practical production and operation plans, protect the legitimate rights and interests of employees according to law, strive to protect the interests of existing creditors, and stabilize customer resources, so as to avoid the significant adverse impact of reorganization on the company's daily production and operation.

If the court decides that the noble bird enters the reorganization, the noble bird will fully cooperate with the court and the administrator in the reorganization work, and fulfill the debtor's legal obligations according to law. On the premise of balancing and protecting the legitimate rights and interests of all parties, the noble bird will actively discuss with all parties the solution to the debt problem, and at the same time actively strive for the support of relevant parties to realize the smooth progress of the reorganization work.

According to previous reports, in response to the inquiry letter of Shanghai Stock Exchange on June 20, the company had no clear solution to the debt scale of nearly 1.2 billion yuan overdue. According to the announcement released by the guirenniao on the evening of June 22, the company's real estate, land, shares of subsidiaries and equity investment funds held by the company have been sued by creditors due to debt default Property preservation is basically in a frozen state, leading to the company's failure to renew loans from the bank after the maturity of some bank loans; at the same time, due to the lack of liquidity, the company has failed to pay the interest of each bank on schedule, and the total loan principal of the company in each bank has been overdue. At present, the loan balance of the company in each bank is as follows:

As of June 22, the overdue loans and bond principal faced by guirenniao totaled 2.557 billion yuan, accounting for 65.07% of the total audited assets of the company in the previous year.

At that time, the noble bird said that at present, the company was actively negotiating a settlement plan with relevant creditors, striving to reach an agreement with creditors on the debt solution as soon as possible. If the company fails to properly solve the above-mentioned overdue loans, the company may face litigation, arbitration, assets freezing, auction and other matters due to overdue debts, which will further lead to the decline of the company's financing ability, have a certain impact on the normal production and operation and business development of the company, and ultimately have an adverse impact on the company's performance.

According to public information, guirenniao was established in July 2004. The largest shareholder of the company is guirenniao group (Hong Kong) Co., Ltd., with a shareholding ratio of 76.22%. The actual controller of the company is Lin Tianfu. The company was listed on the main board of Shanghai Stock Exchange in January 2014. As a well-known local sports shoes and clothing enterprise, in addition to its own brand "guirenniao", guirenniao also has holding subsidiaries such as jiezhixing and mingshiku, as well as international and domestic first-line famous brand sports products, such as Nike, ADI, UA, converse and new Balance, Li Ning, new Bailun, skykey, Arthur, DC, puma, etc. have agent sales or operation.

According to the financial report, by the end of 2019, the noble bird brand marketing network has covered 31 provinces, autonomous regions and municipalities directly under the central government. The number of retail terminals has reached 2358, with a total retail terminal area of 190726 square meters, including 250 retail terminals in first tier cities, 505 retail terminals in second tier cities, 964 retail terminals in third tier cities and 639 retail terminals in fourth tier cities According to the region, there are 239 in East China, 482 in Southwest China, 258 in Central China, 252 in South China, 494 in Northeast China, 403 in North China and 230 in Northwest China.

During the reporting period, due to the lack of liquidity, guirenniao failed to cash the due corporate bonds with a total balance of 1.147 billion yuan. Affected by the epidemic situation, in the first quarter of 2020, the revenue of guirenniao decreased by 66.92% year-on-year, and the net profit was changed from profit to loss compared with the same period of last year.