The merchant found that the payment of Taojiji began to be delayed until it was even unable to withdraw cash. In September, the rights protection incident began in Taojiji ’s Shanghai headquarters. The police came forward to maintain order. Taojiji declared that “some unidentified persons” incited business emotions through online channels and instigated businessmen to gather in trouble.
October 15, in the face of merchants flocked to collect debts, Taojiji announced that it will reorganize its business with large domestic institutions. The business model will be adjusted from the merchant’s resident model to the partner-owned model. As a shareholder partner of Taojiji, he shares the same honor and disgrace with Taojiji.
Zhang Zhengping urged merchants not to sue the company, to avoid direct liquidation of the company, and no money was returned.
This kind of statement made merchants feel angry. Shi You, a merchant from Shandong, told “Shenwang.com”, “At that time, Taojiji was really shameless. This is to kidnap us with our own money.” “But these merchants have nothing to do. Shi You said that they saw a relevant document produced by Taojiji at that time.” If the liquidation is made directly, the cash on Taojiji’s book will be less than 1% of the arrears. “
According to the figures released by the final court, Taojiji has 60 million existing assets and nearly 2 billion in arrears. Except for 60% of fixed assets, cash is indeed about 1% in arrears.
The balance between the two evils is better, and most merchants choose the debt restructuring agreement in desperation. The agreement shows that within one month after signing the contract, Taojiji paid 20% of the debt amount to the merchant, and the remaining 80% was postponed until the valuation of the target company after the reorganization of Party A (Taojiji) and a large group company reached 20 100 million US dollars or repayment when going public.
On October 31, Taojiji officially released the notice of the reorganization and merger process: “On October 23, the supplier creditors completed the signing of the 51% debt restructuring agreement; on October 28, they received the written TS of the capital and signed it. Investment Letter of Intent. The current M & A and reorganization of Taojiji is progressing smoothly; the company’s operation is stable; the platform’s operation is stable. “On November 19, Taojiji’s official Weibo said,” Financing and restructuring has entered the closing stage, please be patient and wait for the official post , Thanks again to all the partners and Taojiji for the same boat together to overcome the difficulties. “
Xiao Zhan, a merchant who has participated in M & A and restructuring contracts, told Shenzhen.com that some money has been received after October, but it is far from the 20% that was said when the agreement was signed. The amount owed is about 500,000, but the amount received is less than 1,000 yuan. “
Financing and reorganization finally failed. Taojiji released an announcement titled “Efforts have not been made.” ！ Next, the company will seek bankruptcy liquidation or bankruptcy reorganization. “
At that time, experts in the field of bankruptcy had told “Shenwang” that all creditors of Taojiji, including suppliers, distributors, employees and even Taojiji, could file a bankruptcy claim with the court.