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Suddenly, Cody went bankrupt.

Recently, the listed company "ST Cody" (Cody Dairy) issued the "Prompt Announcement on Controlling Shareholders' Application for Bankruptcy and Reorganization". According to the announcement, Henan Cody Dairy Co., Ltd. received the civil ruling of Shangqiu Intermediate People's Court forwarded by the controlling shareholder Cody Group on February 22, 2020. Creditor Wei Junping submitted an application for bankruptcy and reorganization on the grounds that Cody Group's assets were insufficient to pay off all debts, obviously lacked solvency and still had reorganization value.

According to the public data of enterprise survey, Cody Group has been listed as the executor 15 times, and the total execution target is about165438+73 million yuan. The company and Zhang Qinghai have been restricted from high consumption for many times, and the company currently has seven untrustworthy messages. The record of the executed person is 15, and the total execution amount is 1 172524800 yuan.

Shangqiu Intermediate People's Court accepted the application and made a civil ruling. According to the ruling, from the business scope and enterprise nature of Cody Group, the products processed and produced by the company belong to the needs of social life, and the products produced have broad market potential. The agricultural technology promotion and service within the business scope of Cody Group are also important factors to improve social productivity. According to the assets, technology, production and marketing, industry prospects and other factors of Cody Group, it can be basically concluded that Cody Group has the possibility of restructuring and saving.

In the announcement, ST Cody further explained the impact of bankruptcy and reorganization of the controlling shareholder on the company and related explanations. There is uncertainty in the bankruptcy reorganization of Cody Group, which may lead to changes in the control right of Cody Dairy. If Cody Group successfully implements bankruptcy reorganization, it will be beneficial to improve the balance sheet structure of controlling shareholders, to introduce strategic investors for Cody Group, and to the stable and healthy development of Cody Dairy.

ST Cody also said that the application for bankruptcy reorganization by the controlling shareholder will not have a significant impact on the daily production and operation of Cody Dairy. At present, the company's production and operation are normal. The company actively urges the controlling shareholder to return the occupied funds.

Cody Group, which stepped down from the altar, ushered in "bankruptcy". The remaining question is: How did Cody, who used to be famous for his left-handed quick freezing and right-handed dairy products, roll over?

1992 established Cody food group, which has been involved in many fields such as instant noodles and quick-frozen food. From 65438 to 0998, in order to "further adapt to the market and extend the industrial chain to the greatest extent", Zhang Qinghai decided to adjust the original product structure and implement the modern dairy system project, and Cody Dairy Factory was put into production the following year.

In 20 15, Cody Dairy landed on the small and medium-sized board of Shenzhen Stock Exchange with the listing dream of Cody Group, which ushered in a bright moment. Cody's success has also made Jasmine Zhang Hai the richest man in Shangqiu. He also holds the titles of "Deputy to the Tenth National People's Congress, National Model Worker, Deputy to the Provincial People's Congress, President of Shangqiu Private Enterprise Federation, Standing Committee of Yucheng County and Shangqiu Municipal People's Congress".

20 17 With the popularity of "Little White Milk" among online celebrities, Cody Dairy has also stepped out of Henan and gradually expanded its sales channels to Hunan, Hubei, Chongqing and other places. After achieving 20 17, Zhang Qinghai has a more ambitious goal for Cody Dairy: to double its annual income in the next three to five years.

However, since then this plan has gradually failed.

Since July 20 19, there have been media reports that Cody Dairy has been caught in a "dairy farmers' arrears storm" of1400 thousand yuan, involving thousands of dairy farmers in Henan, Shandong, Shanxi, Tianjin, Hebei, Jiangsu, Anhui and other parts of the country, with a total amount of about1400 thousand yuan. Representatives of dairy farmers have repeatedly asked the company for arrears, but they have all been shirked.

Taking this incident as the fuse, the whole Cody Department showed some problems, such as operational difficulties, arrears of wages, shortage of funds and so on. Investors of listed companies suffered heavy losses in many financial fraud incidents.

Insiders pointed out that the increase in projects and the sudden increase in financial pressure, but the management failed to keep up, is one of the main reasons why Cody Group is currently in trouble. Take the convenience store plan vigorously promoted by Cody Group in recent years as an example. According to Zhang Qinghai's previous public report, at the beginning of 20 18, Cody Group had developed 1000 convenience stores, mainly distributed in Henan, Shandong and other places. Convenience stores are also seen as a way to solve the problems of company channels and terminals. But in fact, the convenience store plan has been losing money. The disadvantages of diversified development have also begun to appear, and the profits of the main business have to subsidize new business, and the liquidity crisis has gradually emerged.

Not only convenience stores, in recent years, Cody Group has also launched Cody natural deep spring water, and also invested heavily in Cody's 654.38+100,000 tons soybean deep processing project in Heilongjiang. However, Cody's natural deep spring water was also exploded. "The company owes employees six months' salary and travel expenses, which has caused great trouble to their lives. "Heilongjiang's agricultural planting projects are long-term investments, and at this stage, there will only be' no return on investment'.

"Cody Group debt crisis has a long history. At the beginning, Cody Dairy was able to go public, largely because it owed 300 million yuan to Great Wall Asset Management Company, and it could only be converted into debt and exited through listing. Today's ending is not surprising. " A person familiar with the matter said.

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Retreat. Why?

As early as last year, there were rumors that Cody Group had financial risks.

A supplier of Cody Dairy recalled that although Cody Dairy required to settle accounts once every six months, considering that the other company was a listed company with a profit of over 100 million and a cash account of over one billion, Cody was still at ease. However, in fact, in the first half of last year, the shipment was10 million, and only the money of10 million was recovered, and the agreed six-month settlement was overdue. If you don't give money, you have to pay for it yourself. Small factories can't afford it.

The above-mentioned person said that the semi-annual report published by Cody Dairy at that time was not bad, earning150,000 more than the previous year's 6 10/00,000, and the account still had1700 million in cash, so the repayment ability should be very strong. But there is something wrong with careful analysis: your bank deposit of 65.438+0.7 billion yuan has only 7.8 million interest income, and the deposit interest rate is less than 0.5%, but you have a short-term loan of 65.438+0.1100 million yuan, which has generated more than 34 million interest. To put it simply, it is to borrow more than 5% of the money every year and pay more than 20 million interest for half a year while saving money at the current interest rate. Isn't this crazy?

"It means that1.70 billion cash may not exist at all." He said, see if a company has any problems, not just the statements. Generally speaking, as long as a company has difficulties in normal operation and payment, it is not far from bankruptcy.

In fact, by the third quarter of that year,1.70 billion yuan in cash had disappeared. According to public information, in 20 19, Cody Food Group occupied the non-operating funds of Cody Dairy186.5 billion yuan. At the same time, Cody Dairy illegally guaranteed 272 million yuan for related parties, which constituted a major defect in internal control and did not make a letter. Affected by this, Cody Dairy will be warned by other risks and become "ST Cody".

After seeing the announcement, the above-mentioned people hurried to inquire. Sure enough, there was something wrong with the cash flow, and the millions he was dragged away were nothing at all. Those who come to ask for an account, line up, can't get out.

At the same time, another company under Cody Group, Henan Cody Frozen Food Co., Ltd., also encountered employee rights protection due to unpaid wages, and its solution was accused of insincerity. From 20 18, Cody's problem of defaulting on food began to appear on the message boards of leaders at all levels in Henan Province, Shangqiu City and Yucheng County, and more and more. Judging from the contents of the messages, all employees of Cody Group, including Cody Refrigeration, Cody Dairy and Cody Water, have reflected the problems, and almost all messages are "asking for salary".

Is Cody frozen because of business difficulties, so he can't get paid? Judging from the disclosed operational data, this should not be the case. According to the data disclosed by Cody Dairy, Cody Quick Freeze achieved operating income of 450 million yuan, 595 million yuan and 602 million yuan respectively from 20 16 to 20 18, and net profit was 5762150,000 yuan, 74,448,400 yuan and 93025 10/000,000 yuan respectively.

Since Cody Quick Freeze makes so much money, it should be in good operating condition, but it is incredible that it can earn more than 90 million yuan a year but has no money to pay wages, so that employees can defend their rights and ask for wages everywhere.

In fact, Cody Group and listed companies have been occupying Cody's quick-frozen funds for non-operation. From 20 16 to 20 17, Cody Group occupied 808 million yuan and 268 million yuan respectively at the end of quick freezing. Borrowers include Cody Flour, Cody Mill and Cody Convenience Store. In addition, Cody Quick Freeze also provided a guarantee for Cody Dairy's loan. According to the 20 18 annual report of Cody Dairy, the total guarantee amount of Cody Quick Frozen as a guarantor reached 70 million yuan.

During this period, some media reported that Cody Dairy and Cody Quick-frozen were in different degrees of production suspension.

In fact, the Shangqiu Municipal Government has been actively helping Cody Group to coordinate and promote provincial investment platforms and pledgees to set up special funds for industrial revitalization, and coordinate and promote provincial investment platforms to set up special funds for industrial revitalization of 2 billion yuan, so as to remove the risk of stock pledge for Cody Group, which obviously means that the government will support the bottom. With the settlement of the 2 billion funds jointly rescued by the three levels of government, the financial dilemma of Cody Dairy has been temporarily solved, but the business crisis faced by Cody Quick Freeze is far from over, and it has not changed the result of Cody Group's bankruptcy.

With the "bankruptcy" of Cody Group, the "Cody Department" will further fall into the whirlpool. The reorganization is successful, and the crow becomes a phoenix; If it fails, it will continue to rolling in the deep. Now it's up to you to be the next fairy. After all, Cody Dairy alone has a production capacity of 300,000 tons, which should not be underestimated, and listed companies are also applying for "uncapping" in the near future. All in all, if you can come out, it is still worth looking forward to.