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Taojiji declares bankruptcy: account frozen
阅读: 2019-12-09 Read: Source: Huangdao Recruitment Network
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On the evening of December 8, the surging news reporter confirmed from the Taoji Office that the merger and reorganization plan of Taojiji due to the break of the capital chain has failed, and it will be officially declared bankrupt on December 9. "The SPA agreement was signed, but the fund has been delayed," the source told surging journalists.

Taojiji is affiliated to Shanghai Huanju Industry Co., Ltd. and focuses on sinking markets. Launched in August 2018, and obtained a Series A financing in October with a financing amount of US $ 42 million and a valuation of US $ 242 million.

On the evening of December 8th, an open letter from Tao Zhengji's founder Zhang Zhengping to employees was circulated online. Zhang Zhengping said in the letter that he regretted that he did not take everyone to make the Taoji Ji. Next, the Taoji Jihui set up an employee after-treatment team to follow up on everyone's resignation, social security issues, and personal belongings. Wait for everything. It can be seen from this open letter that Taojiji's Alipay account was frozen on November 28, that is, all accounts of Taojiji have been frozen, so that the employees' wages in November were not issued, and social security could not be issued in November. Zhang Zhengping said in an open letter: "Even if the worst result comes to bankruptcy and liquidation, funds are also the priority to settle employees' salaries."

In response, people from Taojiji told Peng Mei journalists: "This open letter is not the final version. It may have been circulated when the founders and employees communicated, but the content mentioned in the letter is true."

It is worth noting that on December 3, Taojiji also issued an announcement saying that it had successfully signed an equity investment agreement with a large domestic group and is currently in the stage of waiting for a payment. Taojiji is working hard to complete the payment before Required preconditions.

According to surging news reporters, as early as this year ’s National Day, Zhang Zhengping stated that a large domestic group company had been negotiated for reorganization and acquisition, but the name of the large domestic group has not been announced. At that time, Taojiji's total debt was about 1.6 billion yuan, and the debt was mainly divided into two parts: the payment by the supplier and the amount owed by the advertising agency. To this end, Taojiji launched a series of "self-help" actions, such as the introduction of restructuring parties, agreements with merchants to delay repayment of debt, debt into shares, etc., Taojiji's main business model is also settled by the business model, and changed to a partnership In the self-employed model, the existing supplier was turned into a shareholder partner of Taojiji.

Zhang Zhengping also explained the reasons for Taojiji ’s losses. Taojiji started B-round financing in early June this year. In July, Taojiji ’s sales stagnated, but it spent too much time on financing. In the body, the gold self-rescue period was delayed, and in September, financing was not confirmed, the cash flow declined, the crisis came, and suppliers concentrated on the door to run the payment.

"My family and my immediate family members have never bought a car house at home or abroad. Where did the money go? Taojiji has 130 million registered users. It is not cheap to get a registered user on the market. Everyone Everyone knows that Taojiji does not charge commissions, and the losses are actually lost on the customers. "Zhang Zhengping said that the company's reorganization is the best solution.

On October 31 this year, Taojiji issued an announcement saying that on October 23, the supplier creditors completed the signing of a 51% debt restructuring agreement. On October 28, a written TS was received from the investor and a letter of intent for investment was signed. According to Taojiji, investors will invest in Taojiji only if the contract amount exceeds 51%.

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