Once upon a time, the slogan of Xinfei refrigerator, "Xinfei's advertising is better than Xinfei's", was a youth memory of many people when they were children. Now, after many twists and turns, this once famous domestic manufacturer can hardly avoid the fate of bankruptcy liquidation. Previously, Xinfei refrigerators had experienced strikes and production stoppages. After many twists and turns, they resumed production. However, the good times were not long. Xinfei refrigerators did not operate well after they were restarted. The road to revival came to a rough end. Recently, Xinfei Appliances entered bankruptcy liquidation procedures.
"Because the capital chain was broken, the matured debt could not be paid off, and the assets were not enough to pay off all the debts, Xinfei Company applied to Xinxiang Intermediate People's Court for reorganization on October 30, 2017." On May 29 and June 5, 100% of the equity of Xinfei Electric Appliance/Refrigeration/Home Appliance Company and part of the land of Xinfei Headquarters were put on the shelves, with the starting price of 450 million and 115 million respectively, and the price increase of 5 million. It is reported that after the bankruptcy of Xinfei, all employees will be dismissed. It is estimated that the compensation amount will reach 158 million yuan, the total amount of claims declaration will exceed 2.5 billion yuan, and the total book assets of Xinfei will be less than 1.1 billion yuan. Even if the auction price of Xinfei Electric Appliances/land is included, it is difficult to repay all debts.
In addition, according to the Ruling of Xinxiang Intermediate People's Court, Fenglong Asia was originally an investor in the restructuring of Sinai, but after paying 50 million yuan of deposit, it failed to conclude a restructuring agreement and fulfill its commitment. On April 3, it issued an announcement on the Singapore Stock Exchange to withdraw its capital from Sinai.
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