Walter tema, Mired in debt crisis

In May 2018, one in southern China has somewhat sultry day, drizzle a breeze brings filar silk cool idea to Shenzhen, let a person feel comfortable. Nearly grain in ear in season, it is the "cultivation" harvest season of the year, but the company headquarters is located in Shenzhen ping mountain district's Walter, this joy already has nothing to do with yourself - had been blocked by a large number of suppliers in March, debt collection, a huge debt crisis, self-help is the theme of the current only.

"Some staff had to change my job. Debt crisis make everyone a bit flustered, for ordinary employees, consider more is their life and future."Walter's former employees Lin Xiao (a pseudonym) said to "China automotive news" reporter. In Walter the door of old factory, wearing green CARDS, hurrying to the company employees seem to support it. When a reporter stopped one pretend to consult hr how to walk, the employee should blurt out: "at that time also to Walter ma do?"

Who never thought, one for several years Power battery Industry in the first three, and BYD, ningde era's Walter zhou yu liang can temporarily "building to collapse" in just a few months, more than 20 billion Yuan of overall debt let many people directly determine the company has no medicine can save.

What the hell happened to Walter ma?

Slashing production disguised layoffs

Ping shan district in Shenzhen city industrial park, Walter m headquarters building belongs to the construction of very conspicuous, hanging over the building's Walter three characters, declare the glory of it in the past. But, in front of China automotive news reporters, tightly shut the gate security with the condition of standing straight and constantly look around and let a person have to face the reality. On March 25, the supplier is encircling the door, and pulled out "Shenzhen Walter The battery Co., LTD., falsely making out commercial acceptance bills cheat supplier, due cannot be accepted, please also supplier hard-earned money "banner, scene is a mess.

To understand the real situation of Walter, "China automotive news" reporter to try a variety of ways, to explore into its headquarters, but without success."What we all don't understand."Reporter just want to understand a little Walter from the side of the status quo, by the security guard is a direct rebuffed. Indeed, before the supplier's actions and the status of the company to let them have to be more alert now, even must rehearse on situations.

New building than Walter, although looks a bit worn out of old factory a few miles apart, but slightly relaxed atmosphere."After all office at headquarters, supplier factories also futile."A master Walter m workers still (a pseudonym) told China automotive news reporter, "Walter is developed from the old factory, then built a new building. The old factory has four production battery, because this thing (crisis) has now stopped two department. Also in the back office, the new building are decorated well, but the capital turnover don't open only."

It is understood that because of the debt crisis, as of the end of march, Walter starts only about 20%, part of the production unit to suspend production, material demand.

Lin Xiao confirmed is the master: "indeed in retreat dormitory building and office building, and disguised layoffs. Technical jobs affected is not big, the underlying management job may affect a bit bigger."

"Is starting to have employees leave, but there are still many left-behind R&D department."The head of the research and development department of a Walter declined "China automotive news" reporter's interview, just said he still stick to jobs.

Employees feel about current situation of the development of enterprise is more intuitive and sensitive. WeChat Lin Xiao, said a year ago enterprises in a large group of more than 6000 people, now with more than 4000 people, has been left the company."The company also has related management personnel of a similar kick-off meeting, hope you and the company spend difficulties, but the effect general."He said.

Is the master of the relatively optimistic views, after all, the old factory still have two department starts here."Starts or want, or dismiss workers the company would have to fall. New energy vehicles so fire, the government will support. And the company have a special deal with suppliers for person, should not block the door again."Is the master says, pointing to the side of Walter publicity column, column domestic news filled the national support policies of new energy vehicles, including subsidies.

Huge debt burden

In fact, in front of the debt crisis, Walter m cash-strapped situation is emerging."In January this year, I heard that the company's financial have long complained that money is tight, money to zhang was gone."Lin Xiao said.

Supplier for door like lit the fuse for Walter's debt crisis is expanding fast. After their containment gate, Walter finally stretched. Walter ma parent firm revel can release announcement, nut can revel, Walter, general manager of the company shares from the chairman of the board of directors about has been the judiciary freeze.

On April 1, nut can revel has publicly acknowledged that the company has incurred a debt overdue, overdue debts 19 so far.9.8 billion Yuan, mainly for notes payable and bank loans, facing claims of creditors, the company faces insolvency risks, impact on day-to-day operations. As of March 31, the company's overall debt in 221.3.8 billion Yuan.

Huge debts are more than hundred upstream suppliers directly triggered a chain reaction. Some suppliers in the previous alert, in front of the debt crisis is to reduce or stop the supply, and other suppliers are disastrous.

"We don't have any relationship and Walter!"A supplier to inquire, head of the China automotive news reporters after the intention, leaving only one sentence hastily hung up the phone, since he did not answer. And another vendor, head of the answer is more direct and surprising: "Walter tamar has closed down!"A person close to Walter's people familiar with the matter said: "a lot of suppliers painstaking efforts for many years, very not easy to meet Walter such a big customer, sign yuanta single, thought to hold the 'cash cow', never thought finally wiped out, do not rule out have run."

Facing the supplier collection about said, saucepans, responsible to the end. Established on April 9, revel can, according to the announcement by proposed inventory and fixed assets sales will be in the form of company to deduction of related supplier to deal with the debt, the amount involved a total of 184836.A total of 104 860000 Yuan, involving supplier.

In desperation, some suppliers began to take Walter battery owe the money."According to the battery cost repay a debt, but the lithium iron phosphate gets sold on the market is not good, assuming a batteries cost 25 Yuan, can sell half price is pretty good."One supplier told China automotive news reporter, "there are too many debts, didn't expect to Walter that later recovered and money, can sell is only a little bit, is better than not."River's lake leader zhou yu liang at one time

In 2002, Walter was set up in Shenzhen ping mountain district, is the earliest successful research and development of new energy automobile power battery, lithium iron phosphate the start-up power, energy storage system solutions and take the lead to achieve the scale of production and batch application battery one of enterprise.

Launched in 2013, Walter new energy industry innovation alliance, more than 1000 member companies, including more than 70 listed companies, integrated upstream raw materials, motor, electric control the whole power system and other parts, such as a party leader.

With China's new energy automobile market began to rapid growth, Walter's shipments have increased, one of the top three in the country for a long time, with BYD and ningde zhou yu liang at one time. In 2016, the a-share listed companies established revel can full acquisition Walter, with 5.2 billion Yuan after its main business is the fire control products. From a fire control products company to power battery company, established revel can it is aimed at the power battery the tuyere. After completing the acquisition, nut revel can performance once soared. Reports show that in 2016 the company operating income of about 38.200 million yuan, an increase of 557.03%, and the corresponding implementation net profit attributable to shareholders of listed companies is about 4.2.5 billion Yuan, an increase of 1102.98%.

after acquisition of Walter ma strong revel can be transferred to the business center of gravity of the new energy automobile power batteries, and disposal of some fire control products business, comprehensive investment into the research and development, production and sales of power battery, Walter has also formally on the road to the capital market development.

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