Is Xin Chufeng bankrupt?

Bankrupt, restructuring ready to make a comeback.

On February 14, 2022, the Zengdu District People's Court ruled to approve the reorganization plan of Hubei Xinchufeng Automobile Co., Ltd. and ended the reorganization procedure. A few days ago, the new Chufeng reorganization investor takeover meeting was successfully held, marking the rebirth of Phoenix Nie, the only company in Suizhou with the production qualification of traditional commercial vehicles and new energy commercial vehicles. Hubei Xinchufeng Automobile Co., Ltd., formerly known as Hubei Special Purpose Vehicle Factory, was established on March 22, 2007. After the reorganization, several market players such as China Hengtian Group Co., Ltd. and Hengtian Automobile Co., Ltd. and two-level urban investment companies in Suizhou participated in the operation, with an annual output of 75,000 vehicles. In recent years, due to the comprehensive influence of industrial policy adjustment, improper operation, unbalanced debt structure and other factors, Xinchufeng Company fell into a serious debt dilemma and was filed for bankruptcy reorganization by creditors on April 3, 20021year. In May, 2002117, Suizhou Intermediate People's Court ruled to accept the bankruptcy reorganization case of Xinchufeng Company and appointed Zengdu District Court to hear it. After receiving the case, the Zengdu District Court quickly arranged the bankruptcy trial team to strengthen the linkage between the government and the hospital, contacted the district government judicial reorganization special class at the first time, and appointed the liquidation team of Xinchufeng Company, including government staff, as the administrator according to law. In the process of hearing the bankruptcy reorganization case of Xinchufeng Company, the Zengdu District Court reported the progress of the bankruptcy case to the district committee for many times, and held six working contact meetings with the district government reorganization class successively, which laid a mechanism foundation for finding the direction of bankruptcy reorganization and improving the accuracy of the bankruptcy trial serving the overall situation of local development.