Solve the mystery of the bankruptcy of the major shareholder of s Xuangong
Guide: change the name of the company and change the original single state-owned equity of the group, so you don't have to repay the bank debt of beer group, which is more than 3 billion yuan, together with its own bank loans of more than 200 million yuan, and the senior management of the new company is still the original senior management. On December 15th, 2006, an anonymous
"change the name of the company, change the original single state-owned equity of the group, and you don't have to repay the bank debt of more than 300 million yuan of beer group, together with its own bank loan of more than 200 million yuan. The senior management of the new company is still the original senior management."
on December 15, 2006, an unnamed person from Hebei disclosed such information to the China economic times
the company mentioned above is Hebei Xuanhua Construction Machinery Group Co., Ltd., so how did this well-known large enterprise in the machinery industry go bankrupt? How is the bank debt as high as 500million formed and disposed? Does its bankruptcy case involve the "false bankruptcy and true debt evasion" questioned by relevant people
in order to uncover more details of the bankruptcy case of Xuangong group, this newspaper conducted an investigation and interview for more than half a month
"fake bankruptcy, real debt evasion"
in the face of the interview, the old workers who have worked and lived here for a long time cannot forget the glorious past of Xuangong group: Xuanhua construction machinery factory, formerly known as Xuanhua construction machinery factory, was founded in 1950. It was once a large-scale first-class enterprise producing construction machinery products in the country, a large pillar enterprise group in Hebei Province and one of the 520 key enterprises in the country. In 1999, its subsidiary Hebei Xuanhua Construction Machinery Co., Ltd. (000923) was listed in the application of electronic universal tension machine in Shenzhen Stock Exchange, and the group held 66.67% of its shares
the Xuangong group, which was once transformed into the mother of steel Hercules in the ancient city of Xuanhua by the local human image, incredibly fell into the hands of the bell tower beer group in the same city
bell tower beer group was once one of the top ten beer manufacturers in China. At its peak, it had eight wholly-owned subsidiaries and a holding subsidiary, with total assets of more than 1.2 billion
"in order to complete the 'entrustment' of the above leaders, the enterprise expanded rapidly, and the performance declined due to poor integration." Liu Yanchun, who has worked in the beer group for more than 20 years, said that later, after a series of asset restructuring and restructuring, the bell tower beer group became a shell company with heavy debts
Gao Shun, a member of the bankruptcy group of Xuangong group and the former chairman of the trade union of Xuangong group, told, "since there are not many high-quality state-owned enterprises in Zhangjiakou, since the 1980s, in order to develop, many state-owned enterprises have slowly formed a mutual guarantee relationship between bank loans. Since then, Xuangong group has begun to guarantee the beer group."
in July, 2006, because it was difficult to repay the bank loan of bell tower beer group, Xuangong group assumed joint and several guarantees. Since the end of 2005, creditor banks have successively filed lawsuits with the higher people's Court of Hebei Province, freezing the majority of the equity of s Xuangong held by Xuangong group, and Xuangong group announced bankruptcy
however, the new bell tower Beer Co., Ltd., which has continued from the bell tower beer group, is thriving, and a factory with an investment of hundreds of millions is stepping up the decoration. "Our beer has been sold to Shanxi and Inner Mongolia, and now our efficiency is very good." Liu told
Mr. Huang, a legal person in the financial sector, said to, "As the deadline for the share reform of listed companies is approaching, and as the major shareholder of listed companies, most of the equity of Xuangong group has been frozen, which hinders the share reform and development of listed companies. This problem will be solved sooner or later, so Xuangong group chose this time to go bankrupt quickly. Bank loan guarantee actually provides a good excuse for Xuangong group's bankruptcy, and it can solve its long-term accumulated problems and debts together. ”
s Xuangong is the only listed company in Zhangjiakou, Hebei Province. The intervention of government forces is conducive to the completion of the share reform of listed companies. The shares of non tradable shareholders of s Xuangong are frozen. To successfully complete the task of share reform, the government and Xuangong group are also established to solve this problem
"originally, we didn't want to go bankrupt. The municipal government wanted us to go bankrupt. The bankruptcy of Xuangong group was carried out with the help and intervention of the municipal government and SASAC." Gao Shun said
"local governments intervene in the bankruptcy and restructuring of state-owned enterprises, which is still widespread." The above lawyer analyzed and said: "in the process of enterprise bankruptcy and restructuring, some local government leaders, out of their own or local interests, connive at enterprises' Evasion and abolition of debts, and systematically promote enterprises to implement illegal bankruptcy and evasion and abolition of debts. Some local governments regard bankruptcy as a main way to solve the historical and difficult problems of state-owned enterprises and collective enterprises."
director Li of the reorganization Office of Zhangjiakou state owned assets supervision and Administration Commission told that the debt of Xuangong group directly from bank loans accounted for about 60% of the total debt. Plus guaranteed debt, the total debt of Xuangong group should be more than 500 million. "Finally, in terms of debt treatment, Xuangong group borrowed 20million yuan from the municipal government and raised another 10million yuan. A total of more than 30 million yuan of debt was paid off and 500 million yuan of debt was disposed." Gao Shun told
"left hand down right hand"
in the process of bankruptcy, Xuangong group was questioned by the outside world for playing the game of "left hand down right hand" between Xuangong group and Zhangjiakou Municipal government
all the doubts come from the establishment of Hebei Xuangong Machinery Development Co., Ltd. the main factors include the establishment time of the new company, financial strength, senior management members, equity status, etc
according to the public information, we can find out the whole process of the bankruptcy of Xuangong group:
on January 19 and May 4, 2006, Xuangong group was sued by industrial and Commercial Bank of China (5.52, -0.05, -0.90%) Shijiazhuang Xinhua branch and China Cinda Asset Management Corporation Shijiazhuang office to Hebei Higher People's court, and the 20.34 million shares and 35.17 million shares of s Xuangong held by Xuangong group were frozen successively, These two shares together account for 78.88% of the 42.65% total shares of s Xuangong held by Xuangong group
on July 19, Xuangong group filed for bankruptcy. Immediately, the court declared Xuangong group bankrupt and repaid its debts, and designated relevant personnel to form a bankruptcy liquidation group of Xuangong group
on September 26, the court agreed to auction the bankruptcy property of Xuangong group in response to the report of the liquidation group, and organized a creditors' meeting on the same day
on September 29, Xuangong development was established with 8 natural persons, with a registered capital of 10million yuan. On the same day, it was announced to participate in the bidding for the bankruptcy assets of Xuangong group
on October 5, the bankruptcy liquidation experimental machine was designed and manufactured according to the relevant standards of gb/t328 (2) 007 series, and the calculation team conducted a public auction of the equity and other bankruptcy assets of the listed company of Xuangong group
on October 9, the court ruled to terminate the bankruptcy proceedings of Xuangong group, and the outstanding creditor's financial institutions will no longer pay off, and all debts will be written off
from the analysis of the schedule of the bankruptcy proceedings of Xuangong group, Xuangong Development Co., Ltd., which took over all the bankruptcy assets of Xuangong group, was established when the bankruptcy of Xuangong group reached the final procedural stage. Gao Shun told, "the establishment of Xuangong development, which takes over the assets of Xuangong group, is operated with the intervention of the municipal government."
lawyer Huang believes that the accuracy required by flexible packaging can be achieved by adopting general lead screws and trapezoidal lead screws. This operation method of Zhangjiakou Municipal government is difficult to avoid being bought by other enterprises by establishing a new company to bid for the assets of bankrupt enterprises, And the high value-added plastic materials used by newly established companies to produce 3D printers show high profit opportunities to buy the assets of bankrupt enterprises at a low price
according to the bankruptcy liquidation report, the total price of the bankruptcy assets auction of Xuangong group was 295million yuan. As the only bidder, Xuangong development obtained all the bankruptcy properties of Xuangong group, including the shares of s Xuangong held by Xuangong group, becoming the largest shareholder of s Xuangong
does Xuangong development, with a registered capital of only 10million yuan, really bid 290million yuan for the bankruptcy assets of Xuangong group
Gao Shun revealed that when bidding for the assets of Xuangong group, Xuangong development did not take out cash
according to the procedure, Xuangong development, as an independent legal entity, will bid for the assets of another independent legal entity, and at least pay a deposit before the bidding. Moreover, after successfully bidding the bankruptcy assets, when conducting property rights transactions, the bidding legal entity must deliver the auction money to the bankruptcy liquidation group, and then the bankruptcy liquidation group will dispose of the auction money in accordance with the procedures specified in the bankruptcy law
under the arrangement of the local government, the wholly state-owned Xuangong group became a state-owned enterprise after bankruptcy. At present, Xuangong development has become a joint-stock enterprise. Zhangjiakou state owned assets supervision and Administration Commission contributes with the land use right of the former Xuangong group, accounting for 25.58% of the equity. The actual controller of the company is 10 natural person executives such as chairman Wang Jianjun and 31 shareholder trustees
according to the survey, the eight natural persons at the time of the establishment of Xuangong development came from the senior management of Xuangong group, and the senior executives of Xuangong development came from the former Xuangong group. Wang Jianjun, the former chairman of Xuangong group, served as the chairman of Xuangong development. Gao Shun, who served as the chairman of the trade union of the former Xuangong group, still didn't change the business card. He just crossed out the words of Hebei Xuanhua construction machinery group company with a pen and wrote Hebei Xuangong development Machinery Co., Ltd. next to it. He still served as the chairman of the trade Union