Barely any weeks back, we shared on this stage Gionee may go into liquidation and may almost certainly pack up. The terrible news is that the organization has formally entered chapter 11.
A court in Shenzhen has acknowledged the application for liquidation insolvency by Huaxing Bank. This may even now transform into an organization rearrangement – Gionee employed rebuilding experts a week ago. Originator Liu Lirong believes that the organization can turn its fortunes around in 3-5 years.
Be that as it may, Gionee owes a sum of CNY 20.2 billion (around $3 billion) to 648 loan bosses. About portion of the obligation is to banks. Not long ago the organization neglected to pay providers. Promotion offices haven’t been paid either.
The organization cash issue began when the organizer and director Liu lost a CNY 1 billion wager in a clubhouse.
Liu conceded in the meeting that Gionee’s aggregate obligations add up to 17 billion yuan ($2,447,065,000), with 10 billion yuan($1,439,450,000) of this owed to banks, 5 billion yuan($719,725,000) to upstream providers and around 2 billion to publicizing organizations.
On the off chance that nothing occurs in 3 – 5 years, this will be the finish of Gionee Electronics and Smartphones. How are the forceful fallen…