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The troubled Jinan I Machine Tool Group Co., Ltd. (hereinafter referred to as “Jinan Machine Toolâ€) once again ushered in the dawn of restructuring. On the 3rd, the Economic Reporter was confirmed by Jinan No. 1 Machine Tool and Shandong Weida Group. In June this year, Jinan No. 1 Machine Tool began to contact Shandong Weida Group, a leading manufacturer of drill chucks. At present, the cooperation between the two parties is “in progressâ€.
The high debt, the near-stagnation of production, the difficulty in paying employees' wages, and the unsuccessful transfer of creditor's rights and the unsuccessful reorganization of Jinan's machine tool have almost surpassed everything, and these have invisibly added uncertainty to this restructuring.
In the past, the "18 Arhat Factory" was not paid for half a year.
"Is it about wages?" I heard that the reporter interviewed the reporter, Jinan, a machine tool worker, Lao Lei asked subconsciously. Compared with the company restructuring, Lao Lei is more concerned about his salary. "I am 36 years old, my salary is now 760 yuan, and I can't send it down." As for the company who is talking about cooperation, he thought about it, Shandong Wei Da Group is a company in Weihai.
Under his guidance, the reporter came to the company's office. Rusty iron gates, two rows of red brick walls, party secretary, deputy general manager's office, chief economist's room, etc. are all here. It is hard to imagine that Jinan was once known as one of the "18 Arhats". A machine tool factory.
Jinan First Machine Tool was formerly the first machine tool factory in Jinan. It was founded in March 1944. In 1957, it became one of the national 18 machine arhats.
According to an internal document of the company that the reporter received, the Jinan machine tool has a glorious past.
In the 1980s and 1990s, Jinan No. 1 machine tool used hundreds of millions of yuan to accelerate technological transformation. Enterprises have become national advanced enterprises in scientific and technological progress, large-scale enterprises and national enterprises.
In 1996, it was restructured into a wholly state-owned company. In 1999, it enjoyed the national “debt-to-equity swap†policy and was restructured into the current limited liability company. After 2000, production and operation increased at a rate of 25% per year. Among them, the output of CNC machine tools ranked the top three in the same industry in the country for four consecutive years.
As for the company's current predicament, the internal documents are so qualitative: "Due to the impact of the international financial crisis and changes in the internal and external environment of enterprises, liquidity turnover is difficult after 2008, production and management difficulties are intensifying, and enterprises are facing a very serious situation."
"(Funding) investment can't be done, can't turn up." Jinan, a machine tool Zhu surnamed person told reporters.
"There is nothing to do now, this has been the case since last year. What can I do at work, play yo." Just after 11 o'clock, Lao Lei had already bought lunch at the street near the company's door.
Liu Weidong, president of the Shandong Machinery Industry Association, once analyzed the media. The production lines and products introduced by Jinan No. 1 Machine Tool were not successful and did not play their due role, thus bearing the burden of development.
The company's production and operation are difficult, and the wages of employees are hard to implement. "This year only issued a salary of four months." The person in charge of the above-mentioned Zhu said.
According to public information, Jinan No. 1 Machine Tool currently has more than 2,300 employees, 820 million yuan in fixed assets and 1.34 billion yuan in total assets.
The plan is talking about the future
In recent years, the almost bankrupt Jinan No. 1 machine tool has been actively promoting financing plans.
From the end of 2005 to the beginning of 2006, Shenyang Machine Tool Group had gone south several times, and wanted to acquire a troubled Jinan machine tool, but failed to reach an agreement. At the end of 2006, Jinan No.1 Machine Tool entrusted Jinan Property Rights Exchange and publicly listed the property rights of its wholly-owned subsidiary Jinan No.1 Machine Tool Plant. Later, Wuliangye’s high-level secrets were visited to visit Jinan’s machine tool.
What makes Lao Lei more impressive is the contact between Sany Heavy Industry and Jinan No. 1 Machine Tool in 2008. The person in charge of Zhu’s above also confirmed that “it was almost the same as Sany’s heavy work at that time. Because of the impact of the international financial crisis, there was no success.â€
Last year, a number of companies joined forces to package and transfer the 900 million yuan debt of Jinan Machine Tool as a whole. The result was lost. In April this year, Jinan Office of China Cinda Asset Management Co., Ltd. planned to dispose of the debt of Jinan No. 1409.13 million through debt restructuring or public transfer.
In June of this year, Jinan No. 1 Machine Tool and Shandong Weida Group began to contact. Shandong Weida Group is the controlling shareholder of Shandong Wei Da, a listed company. Shandong Weida is one of the world's largest manufacturers of drill chucks.
For the cooperation between the two parties, Shandong Weida Group made a cautious statement. On the afternoon of the 3rd, the director of the group office began to say that he did not know. When the reporter asked the company whether it was a group or a listed company in cooperation with Jinan No.1 Machine Tool, the other party changed its name to “is a group, not a listed companyâ€.
The reporter learned that around October 20th, Jinan No. 1 Machine Tool held a workers' congress. One of the contents of the meeting was to discuss the cooperation plan with Shandong Weida Group. The person in charge of the above-mentioned Zhu surname revealed that the employee representatives also made suggestions. As for the conditions of the other party, it may be that the equity of the creditor and the employees have received it. Now, the debt portion of Jinan No. 1 Machine Tool is only 690 million yuan. But he does not want to disclose more details.
The person in charge of the surname Liu, who participated in the Workers' Congress of the Workers' Congress of the day, also said, "The cooperation is talking, there is nothing to say."
Lao Lei and several other employees told the reporter that the employee representatives can participate in the conference and they have no right to participate. The news they heard was that the staff placement fee was about 760 yuan per month for a total of 12 months. However, they also said that the workers' congress did not pass the program.
The high debt, the near-stagnation of production, the difficulty in paying employees' wages, and the unsuccessful transfer of creditor's rights and the unsuccessful reorganization of Jinan's machine tool have almost surpassed everything, and these have invisibly added uncertainty to this restructuring.
In the past, the "18 Arhat Factory" was not paid for half a year.
"Is it about wages?" I heard that the reporter interviewed the reporter, Jinan, a machine tool worker, Lao Lei asked subconsciously. Compared with the company restructuring, Lao Lei is more concerned about his salary. "I am 36 years old, my salary is now 760 yuan, and I can't send it down." As for the company who is talking about cooperation, he thought about it, Shandong Wei Da Group is a company in Weihai.
Under his guidance, the reporter came to the company's office. Rusty iron gates, two rows of red brick walls, party secretary, deputy general manager's office, chief economist's room, etc. are all here. It is hard to imagine that Jinan was once known as one of the "18 Arhats". A machine tool factory.
Jinan First Machine Tool was formerly the first machine tool factory in Jinan. It was founded in March 1944. In 1957, it became one of the national 18 machine arhats.
According to an internal document of the company that the reporter received, the Jinan machine tool has a glorious past.
In the 1980s and 1990s, Jinan No. 1 machine tool used hundreds of millions of yuan to accelerate technological transformation. Enterprises have become national advanced enterprises in scientific and technological progress, large-scale enterprises and national enterprises.
In 1996, it was restructured into a wholly state-owned company. In 1999, it enjoyed the national “debt-to-equity swap†policy and was restructured into the current limited liability company. After 2000, production and operation increased at a rate of 25% per year. Among them, the output of CNC machine tools ranked the top three in the same industry in the country for four consecutive years.
As for the company's current predicament, the internal documents are so qualitative: "Due to the impact of the international financial crisis and changes in the internal and external environment of enterprises, liquidity turnover is difficult after 2008, production and management difficulties are intensifying, and enterprises are facing a very serious situation."
"(Funding) investment can't be done, can't turn up." Jinan, a machine tool Zhu surnamed person told reporters.
"There is nothing to do now, this has been the case since last year. What can I do at work, play yo." Just after 11 o'clock, Lao Lei had already bought lunch at the street near the company's door.
Liu Weidong, president of the Shandong Machinery Industry Association, once analyzed the media. The production lines and products introduced by Jinan No. 1 Machine Tool were not successful and did not play their due role, thus bearing the burden of development.
The company's production and operation are difficult, and the wages of employees are hard to implement. "This year only issued a salary of four months." The person in charge of the above-mentioned Zhu said.
According to public information, Jinan No. 1 Machine Tool currently has more than 2,300 employees, 820 million yuan in fixed assets and 1.34 billion yuan in total assets.
The plan is talking about the future
In recent years, the almost bankrupt Jinan No. 1 machine tool has been actively promoting financing plans.
From the end of 2005 to the beginning of 2006, Shenyang Machine Tool Group had gone south several times, and wanted to acquire a troubled Jinan machine tool, but failed to reach an agreement. At the end of 2006, Jinan No.1 Machine Tool entrusted Jinan Property Rights Exchange and publicly listed the property rights of its wholly-owned subsidiary Jinan No.1 Machine Tool Plant. Later, Wuliangye’s high-level secrets were visited to visit Jinan’s machine tool.
What makes Lao Lei more impressive is the contact between Sany Heavy Industry and Jinan No. 1 Machine Tool in 2008. The person in charge of Zhu’s above also confirmed that “it was almost the same as Sany’s heavy work at that time. Because of the impact of the international financial crisis, there was no success.â€
Last year, a number of companies joined forces to package and transfer the 900 million yuan debt of Jinan Machine Tool as a whole. The result was lost. In April this year, Jinan Office of China Cinda Asset Management Co., Ltd. planned to dispose of the debt of Jinan No. 1409.13 million through debt restructuring or public transfer.
In June of this year, Jinan No. 1 Machine Tool and Shandong Weida Group began to contact. Shandong Weida Group is the controlling shareholder of Shandong Wei Da, a listed company. Shandong Weida is one of the world's largest manufacturers of drill chucks.
For the cooperation between the two parties, Shandong Weida Group made a cautious statement. On the afternoon of the 3rd, the director of the group office began to say that he did not know. When the reporter asked the company whether it was a group or a listed company in cooperation with Jinan No.1 Machine Tool, the other party changed its name to “is a group, not a listed companyâ€.
The reporter learned that around October 20th, Jinan No. 1 Machine Tool held a workers' congress. One of the contents of the meeting was to discuss the cooperation plan with Shandong Weida Group. The person in charge of the above-mentioned Zhu surname revealed that the employee representatives also made suggestions. As for the conditions of the other party, it may be that the equity of the creditor and the employees have received it. Now, the debt portion of Jinan No. 1 Machine Tool is only 690 million yuan. But he does not want to disclose more details.
The person in charge of the surname Liu, who participated in the Workers' Congress of the Workers' Congress of the day, also said, "The cooperation is talking, there is nothing to say."
Lao Lei and several other employees told the reporter that the employee representatives can participate in the conference and they have no right to participate. The news they heard was that the staff placement fee was about 760 yuan per month for a total of 12 months. However, they also said that the workers' congress did not pass the program.
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