Chapter 2496: Gao Zhiyong

The employee representative meeting of the Yanfang Group was held. At the meeting, the employee representatives elected a new company leadership team. The new leadership team was basically elected from those employee representatives who talked to Su Xinghui when the workers blocked the door last time.

These people were all middle-level cadres, young and strong, experienced, and had high prestige among the employees, so they were unanimously elected by the employee representatives. Among them, Qin Heshun was elected as the company's vice general manager in charge of production.

Qin Heshun was originally the workshop director of the machine repair workshop, and had also served as the workshop director of the spinning workshop. He was most familiar with the factory's machinery and equipment, and was not unfamiliar with the company's production process. So, it was well-deserved for him to be this vice general manager.

And the person who served as the general manager of the Yanfang Group was named Cai Liye, who had served as the workshop director of the weaving workshop and had a high voice to serve as the vice general manager. Later, because he persistently reflected the problems of Deng Fuping and the others, he was crazily attacked and retaliated against, and served in an idle position.

Later, he simply left the company in a fit of anger and went to a private textile factory opened by a friend to serve as the factory manager. He worked quite well there, and his salary income was quite high. It had been more than a year. This time, it was Yin Deshan who called him and told him about the current situation of the company that he returned to the company, participated in the employee meeting, and was elected as the general manager of the company.

Besides them, other leaders of the company were also elected, and the company's middle-level cadres would compete for their posts again.

Most of the original middle-level cadres of the Yanfang Group were appointed by company leaders like Deng Fuping and Xiong Wanhua. They appointed people by favoritism, putting the family members, relatives, friends of the company leaders, and those who had given them gifts into these positions. This time, taking advantage of the company's reform, all these people were removed.

These people were certainly unconvinced, but in the current situation, what could they do if they were unconvinced? If you are unconvinced, just hold it in. Even Deng Fuping and Xiong Wanhua were caught. What big waves could these people still make? Besides, besides them, there were more than 20,000 employees. With these people, they belonged to a minority group if they made trouble.

And this employee meeting, the vast majority of employees decided to convert their owed wages into equity and invest in the company, which represented their confidence in the company. They believed that under the leadership of the new leadership team, the Yanfang Group would get better and better.

Su Xinghui knew that this was the result of Yin Deshan and others doing the employees' work. These employees also made huge sacrifices in order for the company to resume production. Su Xinghui often went to the employee dormitory area. He could see that many employees' homes were empty, and they were all waiting for this wage to live. Now they made such a decision, which was really too difficult.

Besides converting the owed wages into equity, some employees whose family situation was slightly better also raised some money and handed it to the company as their equity. Of course, this was more of a support for the company, because they heard that the company now wanted to resume production but lacked start-up funds.

Like the company's new general manager Cai Liye, he took out 20,000 yuan at once and handed it to the company as his equity. He was a factory manager in a friend's factory, and his income over the past year was quite considerable. He took out all his savings and borrowed some from relatives and friends to make up 20,000 yuan, which also showed his determination.

In just a few days, the equity handed in by the company's employees had exceeded 20 million yuan. This money was not much for the company and was not enough for the company to resume production, but it represented the cohesion of the company's employees and their determination to support the company.

The company's owed wages to employees were mostly converted into equity, which reduced the Yanfang Group's financial pressure a lot, and the burden on Su Xinghui and Cai Liye's shoulders suddenly lightened.

Then, Su Xinghui asked the company to send letters to the several major banks that owed them loans, inviting them to come to the company to discuss the matter of debt-to-equity swaps.

These banks are now also engaging in the stripping of non-performing assets. For them, the principal and interest of the Yanfang Group's loans certainly count as non-performing assets, so they basically stripped this part of the assets to the Yanbei State-owned Assets Management Company, so this time, they entrusted the Yanbei State-owned Assets Management Company to come to the Yanfang Group to negotiate all matters with them.

The Yanbei State-owned Assets Management Company sent a vice general manager, whose name was Gao Zhiyong, in his forties, who was once a vice president of the Yanbei Provincial People's Bank. After the non-performing assets of state-owned banks in Yanbei Province were stripped, the Yanbei State-owned Assets Management Company was established in Yanbei Province, and he was transferred to this company to serve as vice general manager.

This time, Gao Zhiyong was sent here to negotiate the debt-to-equity swap matters with the Yanfang Group.

Gao Zhiyong certainly knew very clearly about the officialdom storm that happened in Yanbei Province this time. And he also knew very clearly who the initiator of this storm was, and that was the leader of the working group sent by the National Development and Reform Commission to the Yanfang Group, Su Xinghui. For Su Xinghui, he was in awe.

This Team Leader Su was truly amazing. He was just a small department-level cadre, yet he could launch such a storm, causing several vice-provincial level big shots to fall. What was his background? Did it still need to be said?

This is an imperial envoy holding a Shangfang sword. Gao Zhiyong naturally didn't dare to underestimate him.

On the agreed day, Gao Zhiyong arrived at the Yanfang Group by car early. What surprised him was that Su Xinghui and the Yanfang Group's new general manager Cai Liye and chief accountant Jiang Yongnian were already waiting for him at the gate of the Yanfang Group early.

As soon as Gao Zhiyong's car arrived, Su Xinghui, Cai Liye, and Jiang Yongnian greeted him. Gao Zhiyong hurriedly got off the car. Although he hadn't seen Su Xinghui, he saw such a young man, high-spirited and vigorous, surrounded by several middle-aged people, and he guessed Su Xinghui's identity.

Sure enough, Su Xinghui said, "You must be Mr. Gao, I am Su Xinghui!"

And Cai Liye and Jiang Yongnian also introduced their identities to Gao Zhiyong. Gao Zhiyong said, "Team Leader Su, General Manager Cai, Chief Accountant Jiang, it's so cold, you are waiting for me here, I really don't dare to accept it!"

Su Xinghui smiled and said, "What's there not to dare to accept? Mr. Gao is our distinguished guest today!"

After the greetings, they went up to the office building together and entered Su Xinghui's office.

Cai Liye became the new general manager of the Yanfang Group. Su Xinghui originally intended to give this office to him, but Cai Liye insisted on not doing so. He used another office, and this office continued to be used by Su Xinghui.

Su Xinghui's accommodation problems were all solved in this office, and he was already used to it. Besides, he would stay here for at most one or two months, so he didn't push it with Cai Liye anymore and continued to use this office.

After entering the office, Xia Song brewed tea for everyone and sat down on the side.

Su Xinghui didn't beat around the bush either. He said straight to the point, "Mr. Gao, you should know the purpose of inviting you here this time. We, the Yanfang Group, want to discuss the relevant matters of debt-to-equity swaps with your company. I don't know what questions Mr. Gao wants to ask. We will know everything and say everything!"

Gao Zhiyong naturally did his homework before coming. The Yanfang Group owes a total of more than 300 million yuan in principal and interest on loans to several major state-owned banks. These creditor's rights were allocated to the name of the Yanbei State-owned Assets Company. The Yanfang Group is considered one of the largest debtors of the Yanbei State-owned Assets Management Company.

For such a huge debt, if you want to engage in debt-to-equity swaps, you must be extra cautious. Gao Zhiyong was originally a cautious person. If it were someone else, he might not be inclined to engage in debt-to-equity swaps.

However, Su Xinghui is not an ordinary person. He is the one who stirred up the officialdom storm in Yanbei Province. This person's energy is too great, and Gao Zhiyong has to attach importance to Su Xinghui's words.

After pondering for a moment, Gao Zhiyong said, "If I remember correctly, the Yanfang Group's debt should be six or seven hundred million now, right?"

Su Xinghui looked at Chief Accountant Jiang Yongnian. Jiang Yongnian smiled and said, "Mr. Gao, our Yanfang Group's debt is not that much now, only more than 500 million, because the wages of about 150 million owed by the company to employees have been converted into the company's equity."

Gao Zhiyong was shocked. The employees of the Yanfang Group were actually willing to convert the wages owed by the company into equity? He knew the debt structure of the Yanfang Group very well. 150 million, this is almost all the figures of the wages owed by the Yanfang Group to employees, which means that more than 90% of the employees have done so.