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After Cui Hao received Fan Heng's instructions, he hurried back to the factory and immediately convened a meeting of middle-level and above cadres to discuss the issue of debt-to-equity swap.

After telling everyone the opinions of the meeting in the province, Cui Hao said, "The situation is very grim now, and it is impossible to expect the province to allocate funds. ”

"If we engage in debt-to-equity swaps, will we just change bosses? In the past, it was a state-owned enterprise, but now that it is engaged in the joint-stock system, isn't it working for the capitalists? Someone expressed confusion.

Cui Hao glanced at the man and said indifferently, "Either the restructuring and the introduction of funds for technological transformation, even if it can't re-realize the take-off of the enterprise, at least it can pull a cushion down, if it is not restructured, then we will wait for bankruptcy, anyway, the province can't count on it, and they are in greater trouble." ”

Everyone spent the whole afternoon in the conference room with cigarette butts, and it was not until about nine o'clock in the evening that they dispersed.

At this time, there were already a large number of workers gathered outside the conference room, and when they saw everyone coming out, they inquired about the content of the meeting, whether the factory could get the provincial allocation?

Cui Hao stood on a high place, waved his hand to calm everyone down, and then said to everyone, "At present, the factory is in difficulty, but there are also difficulties in the province, and direct funding is enough." Seeing that everyone was in a little commotion, he continued, "However, Governor Fan Dai is very concerned about the situation of our factory, put forward a proposal to convert debt into equity, and contacted the cooperative enterprise for us. ”

Someone shouted below, "Director Cui, we haven't paid our salary last month—"

"You haven't paid your salary, so are we, everyone hold on a little longer, if you can't talk about the results in half a month, you don't need to speak, I will jump directly from the provincial government building and apologize for my death!" Cui Hao cursed.

The factory director has said this kind of thing, and everyone has no complaints to say, such a large factory, tens of thousands of employees, it is not easy to manage! At present, a large range of domestic state-owned enterprises have a decline in performance, but not only Jiangnan Woolen Mill.

After Cui Hao sent these employees. Immediately command his own secretary. "Contact the Jiangnan branch of Fan's Investment Group immediately. We've got to hurry! ”

Fan Wuzhi was notified by his father Fan Hengdi as soon as possible. It was said that the Jiangnan Woolen Mill wanted to negotiate with itself on matters related to the debt-to-equity swap. So he immediately instructed the person in charge of the Jiangnan Provincial Branch to take the initiative to contact the Jiangnan Woolen Mill. On the same day, local negotiations on the debt-to-equity swap will be launched.

In fact, Cui Hao still has some resistance to the debt-to-equity swap. Because he thinks in the debt-to-equity swap. There is a problem of the loss of state-owned assets. And he also felt a little unfamiliar with this Fan's investment group.

Although it is said that Fan's Investment Group has a great influence in the national business community. But for a relatively closed state-owned enterprise like Jiangnan Woolen Mill. The influence is a little weaker.

The restructuring of domestic enterprises is first of all not open. Restructuring is the internal employee stock ownership of the enterprise. But the enterprise itself belongs to the state. In this way, there is a possibility that the interests of the whole people will be embezzled by some people.

There is a saying that the earth is interlaced, like a mountain. It is not easy for non-industry players to understand the specific situation within the industry. Not to mention the internal situation of a company. Outsiders have no way of knowing. Therefore. Many enterprises are not publicly restructured. And it is an internal restructuring. That is, only employee stock ownership is allowed. Outsiders are not allowed to hold shares. Therefore. The principles of openness, impartiality, and fairness have been abandoned. Form a situation in which everyone jointly embezzles state-owned assets. It has become a community of interests.

Unless the community of interests is broken by a certain group of people, it will not be known to outsiders. You can't imagine entrepreneurs in Shanghai openly bidding for shares in Beijing's restructured enterprises, because it is difficult for them to know the inside story of Beijing's restructured enterprises. In this case, the loss of state-owned assets is inevitable.

Some people may say that there is not a SASAC, but the SASAC is also subject to local jurisdiction, and even the regional system of banks cannot prevent local officials from making illegal loans from banks, let alone SASAC?

Just look at the reports of the big four asset managers packaging up and selling their distressed assets to foreign institutions. The mode of management of foreign enterprises has been reported a lot in China, and Chinese have also learned a lot. These non-performing assets exist in physical form, and they can be revitalized by selling them to foreigners, so why can't the Chinese? Why can't it be sold to the Chinese, but sold in a package?

Many foreign financial institutions have privileged comprador agents in China, and even US laws are flouted, not to mention China's imperfect legal system. It is indeed very easy to carve up state-owned assets in China.

The person in charge of Fan's Investment Group in Jiangnan Province is called Jiang Shengshui, and he is also a professional manager recruited from the United States by Fan Wuxi, and he is still very good at playing the capital game, and after talking with Cui Hao and others, he has a very clear understanding of the affairs of the woolen mill in Jiangnan Province after talking for a day or two, so he asked to see Fan Wuxian and report to him.

"The biggest problem of Jiangnan Woolen Mill is the problem of capital, and the other is the problem of management." Jiang Shengshui said to Fan Wuxi, "If the provincial government can provide more than 200 million yuan for Jiangnan Woolen Mill to carry out technological transformation, then at least Jiangnan Woolen Mill will not be in such an embarrassing situation." If the Jiangnan Woolen Mill can carry out internal reforms, eliminate redundant personnel, and change the current huge but inefficient management mechanism, then the cost can save about 30% of the money, and it is not difficult to turn over. ”

After listening to Jiang Shengshui's words, Fan Wuxian had some confidence in his heart, "Another important point is whether Jiangnan Woolen Factory really has the few new technologies they said?" ”

"I have seen the sample, both in terms of quality and cost, it is at the international advanced level, coupled with the low labor cost in China, there is no reason to lose money." Jiang Shengshui replied with great certainty.

The biggest problem of Jiangnan Woolen Mill is that the enterprise is overburdened.

In order to provide convenient welfare benefits for employees, enterprises such as Jiangnan Woolen Mill have to bear all the expenses of various welfare institutions such as schools and hospitals undertaken by the enterprise.

Jiang Shengshui pointed to the information he had collected and said to Fan Wuxi, "If these problems are not solved, it will still be difficult to say about the Jiangnan Woolen Factory." ”

Fan Wuxi took a cursory look at the hospital's expenses, and immediately said with some surprise, "So much! ”

As a factory-run hospital with less than 300 medical staff, the annual expenditure has exceeded 10 million yuan?! This really made Fan Wuxi feel a little shocked, could it be that the people in the Jiangnan Woolen Mill were sick all day long?

"Last year, we spent more than 5 million yuan just to purchase new medical equipment, and in the case of the factory's financial difficulties, what is the purpose of doing this?" Jiang Shengshui pointed out.

After seeing it, Fan Wuxian said with some self-deprecation, "Hehe, it seems that this hospital should be separated first." ”

"Naturally, it is easy to separate the hospital, but the school is a non-profit organization, and it is more difficult to separate it." Jiang Shengshui said to Fan Wuxian, "It's not impossible to forcibly separate, but it is easy to cause a backlash, and the emotions of the employees also need to be fully considered." ”

"I don't recommend separating the school, but we can consider increasing investment appropriately, so that the staff have no worries." Fan Wuxian came out of the enterprise, and naturally knew that dual-income families basically had no time to control their children, and the importance of the school was particularly prominent.

Another point is very clear, that is, the investment in the school is relatively fixed, and I don't want the hospital to be so boundless, and there are relatively few cats.

"By the way, how much debt does their factory owe in total?" Fan Wuxi thought about this matter, so he asked.

Jiang Shengshui replied, "Almost 400 million." ”

Fan Wuxi frowned and considered, "So much! So how did they say that 200 million could solve the problem? ”

"What they mean is that 200 million yuan can complete the technical transformation project, and then repay the debt in two to three years, and strive to turn losses into profits within five years. Jiang Shengshui explained.

"Is the agreed equity ratio out?" Fan Wuxian asked.

"Well, their appetite is not very big, 600 million in exchange for 50 percent equity." Jiang Shengshui said.

"Isn't that a big appetite?" Fan Wuxian asked in some surprise.

How much is their broken factory worth? Fan Wuxian thought to himself that the equipment of the woolen mill must not be worth anything, as for human resources, it may be included in this part of the cost, but it is not so outrageous, right? Not only do I have to repay their debts, but I also have to invest 200 million yuan in technological transformation to get half of the equity, which is really a bit unbalanced.

Jiang Shengshui replied, "Some fixed assets are still very considerable, the textile factory covers an area of not small, and the plant is newly built five years ago, and there are some industries near the factory. ”

Fan Wuxian nodded and said, "Okay, I'll just make one opinion, fifty-one percent of the equity, the price remains the same." ”

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