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"The decentralized distribution of enterprises, similar product structures, and large fluctuations in market prices, coupled with a combination of poor management, heavy staff burdens, and debt drag have caused huge losses. Production and operations cannot be sustained anymore, and companies have to go bankrupt." Shen Xinhe, deputy general manager of Shuangling Chemical Group Co., Ltd., told reporters.
According to reports, in 1997, Shaanxi Shuangling Chemical Group Co., Ltd. was restructured from the original Shaanxi Baojia Phosphate Fertilizer Plant, and it was established under the Lueyang Phosphate Fertilizer Branch and Baoji Phosphate Fertilizer Branch. In 1998, Shuangling Chemical Group again established and established Shaanxi Shuangling Chemical Industry Co., Ltd., which consists of Baoji Compound Fertilizer Plant and Fufeng High-efficiency Fertilizer Plant. These products were established in the 1960s and were dispersed in the hinterlands of the Qinling Mountains and the Guanzhong Plain. The product structure is nothing more than sulfuric acid, phosphate fertilizer, and compound fertilizers. The combined production scale of the Shuangling Chemical Group is: sulfuric acid. 150,000 tons/year, 450,000 tons/year of phosphate fertilizer and 80,000 tons/year of compound fertilizer.
In order to adjust the product structure, Shuangling Chemical has established a 40,000 tons/year monoammonium phosphate and 100,000 tons/year sulfur-based NPK fertilizer plant in Baoji. Unexpectedly, due to the untimely nature of the new device, it has not yet brought new economic growth points to the company, and it has become a burden for enterprise development. The company's phosphate fertilizer company is located hundreds of kilometers away from each other, and its product structure is similar. The ammonia, potassium fertilizers and other essential raw materials required for the production of monoammonium phosphate and NPK fertilizer can only be purchased from outside. Since 1999, the domestic chemical fertilizer market has entered a stage of sluggish growth. After the products are put into production, the market cannot be opened. By 2007, the device has been in a half-open and half-stop state. In particular, the price of sulphuric acid once fell to 50 yuan/ton last year, and the production cost and product price have been seriously reversed.
Many years ago, a number of agricultural distribution enterprises in Shaanxi Province had owed huge amounts of chemical fertilizers to Shuangling Chemical Group. Although the lawsuit finally won, but the arrears have not come back. Due to the heavy debt burden, Shuangling Chemicals lacks liquidity, the production and operation of the company are struggling, and the economic efficiency has declined significantly. By the end of 2007, Shuangling Chemical Group had accumulated a loss of 173.82 million yuan, total liabilities of 157.32 million yuan, and total assets of only 74.8 million yuan.
Due to long-term losses, insolvency, and lossless hopelessness, in 2003, the phosphate fertilizer production line of Shuangling Chemical Group was forced to suspend production. Subsequently, they leased two phosphate fertilizer companies to Lueyang Xinzhouzhou Industry and Trade Co., Ltd. and Baoji Nongfeng Phosphate Compound Fertilizer Co., Ltd. respectively. In 2005, the company also leased Fufeng Fertilizer production line to Baoji Xinke Agricultural Development Co., Ltd. However, leasing operations are only an expedient measure, and problems such as huge debts and operating systems have not been fundamentally solved. In November 2007, Shuangling Chemical Group was included in the state policy bankruptcy plan; on June 26, 2008, the implementation plan of the policy bankruptcy of Shuangling Chemical Group was reviewed and approved at the second session of the company's staff congress, and the bankruptcy procedure was officially launched.
On November 13, 2009, the State-owned Assets Supervision and Administration Commission of Baoji submitted an application for transfer of property rights of Shuangling Chemical Group to the western property rights exchange, and applied for the land and bankruptcy assets of the Shuangling Chemical Group and the Luoyang Phosphate Branch of the company. 100% equity reorganization of assets, listing and transfer of the corresponding shareholder's full equity value.
According to the property rights transfer information provided by the West China Property Exchange, Shuangling Chemical Group's main business income in 2008 was 932,400 yuan, and the total profit was -25,780,900 yuan. According to the person in charge of the project department of the Western China Property Exchange, the listed price of the assets of Shaanxi Shuangling Chemical Group Co., Ltd. totals RMB 35,213,300, of which, the listed price of Shuangling Chemical Group is 24,540,400 yuan, and the listed price of Lueyang Phosphate Fertilizer Branch Company is 1065.79. Ten thousand yuan, including land and assets evaluation value. The transferee must pay off the debts formed by the assets of the original leased Shuangling Group and the controlling share company, and custody the logistics, property, and retirees; and arrange the resettlement of the employees who receive the resettlement fees or compensation.
The reporter learned that Baoji Xinke Agricultural Development Co., Ltd. and Lueyang Xinzhou Industrial and Trade Co., Ltd. have already proposed to transfer assets of the Shuangling Chemical Group and Lueyang Phosphate Branch Company for property reorganization within the announcement period. The parties are negotiating for negotiations.
“This brought a glimmer of hope to Shuangling Chemical Group. The total number of employees before the bankruptcy was 2,478, of whom 1,667 were working staff. These employees struggled to make ends meet by relying only on modest income. They were looking forward to returning to work or seeking employment. We can only rely on policies, standardize operations, promote bankruptcy and reorganization of enterprises in a harmonious and stable manner, and properly and reasonably relocate workers, so that enterprises can be reborn." Leader of the stability and stability team of the bankruptcy and reorganization leading group of Shaanxi Shuangling Chemical Industry Group Co., Ltd. Shen Xinhe told reporters.
Shuangling Chemical Bankruptcy Restructuring Seeks New Students
At the end of last month, the bankruptcy assets of Shaanxi Shuangling Chemical Group Co., Ltd. were listed on the Western Property Exchange, and two companies expressed their intentions of cooperation as transferees. A leading fertilizer company that has made important contributions to the development of Shaanxi's agriculture and whose products sell well in the northwest region, is now on the road to bankruptcy and reorganization? The reporter conducted a survey on this recently.