Bring back the dead?! The court approves Hougu Coffee reorganization plan!

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Recently, Yunnan Information News reported that new progress has been made in the bankruptcy restructuring of domestic coffee giant Hougu Coffee.

According to the Civil order (2022) Yun 31 broken No. 2 of the Intermediate people's Court of Dehong Dai Jingpo Autonomous Prefecture, Yunnan Province, the court approved the reorganization Plan (draft) of 25 enterprises, including Dehong Hougu Coffee Co., Ltd. the ruling will take effect from now on, and the date of registration is November 23, 2024.

The civil ruling means that after nearly two years of ups and downs, Hougu Coffee Co., Ltd. is about to "set sail" on the road to bankruptcy restructuring, once the largest local coffee brand is expected to come back to life.

Once upon a time, Hougu Coffee provided the raw materials of instant coffee for Nestle, McDonnell and other major brands in the world, and then glued to the packaging of these brands for sales. This business alone occupied more than 60% of the market share and once became a giant in the industry.

But since 2018, Hougu Coffee first reported cash flow difficulties, then was sued by the bank for failing to repay the money, and gradually embarked on the road of bankruptcy and reorganization from local coffee brands with an annual income of several billion dollars.

December 22, 2022, Dehong Intermediate people's Court issued (2022) Yun31 broken No. 2 "Civil order" and ruled to accept the reorganization of Dehong Hougu Coffee Co., Ltd. According to the survey, the total debt of Hougu Coffee is 11.5 billion yuan, and the number of creditor representatives who are eligible to vote in the restructuring plan is 637.

In July this year, the manager of Hougu Coffee issued a notice saying that according to the Enterprise bankruptcy Law of the people's Republic of China and relevant laws, Hougu Coffee voted on the restructuring plan (draft) of 25 enterprises, including Dehong Hougu Coffee Co., Ltd. The voting group is set up as follows: tax creditor's rights group, construction project creditor's rights group, social security debt group and other eight groups. In the end, because the financial institutions group and the property-secured claims group did not agree with the reorganization plan, the Hougu Coffee restructuring draft was not passed after a vote.

After several rounds of communication and consultation between the manager and the two creditors who voted against it in the voting group, the adjusted draft reorganization Plan was submitted again to the Financial institutions Group and the relevant creditors in the property secured claims Group for a vote on November 13, 2024, but it has not yet been adopted.

Therefore, on November 18, the manager of Dehong Hougu Coffee Co., Ltd. applied to the Dehong Intermediate people's Court for approval of the "Dehong Hougu Coffee Co., Ltd. and other 25 enterprise restructuring plan (draft)."

The Dehong Intermediate people's Court held that the draft reorganization Plan applied to the Court for approval by the administrator conformed to the provisions of paragraph 2 of Article 87 of the Enterprise bankruptcy Law of the people's Republic of China and had the conditions for approval. In accordance with the provisions of paragraph 2 and paragraph 3 of Article 87 of the Enterprise bankruptcy Law of the people's Republic of China, the decision approves the draft reorganization Plan, and terminates the reorganization procedures of 25 enterprises such as Dehong Hougu Co., Ltd., Dehong Hongtian Industrial (Group) Co., Ltd.

The draft reorganization plan, which repeatedly ran aground and led public opinion to believe that the reorganization process had reached a dead end, was approved by the Dehong Intermediate people's Court, which is undoubtedly a good thing for Hougu Coffee. However, with regard to the details of the "draft reorganization plan" and how to move forward with the next work, after the reporter dialed the lawyer left by the manager to apply for an interview, the other party replied that he would not accept an interview at present.

Picture from: Internet

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