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contact:Henry yang

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Email: henry@wt-industry.com
Our main products: Injection Mold, Molding Parts, Die Casting Mold, CNC machining of high quality

             

US Mold Enterprise Feng Ping Suddenly Declared Bankruptcy
Dec 14, 2017

US mold enterprise Feng Ping suddenly declared bankruptcy

Feng Ping plastic mould manufacturing Co., Ltd. (Feng Ping Tooling & Plastic Mfg. Co. Ltd.), founded by two brothers from Chicago, once developed and thrived in Southern China area. But just last week, the company suddenly stopped working in December 16th and applied for bankruptcy protection.

Feng Ping's bankruptcy is more dramatic than most common bankruptcy cases.

19 employees of the company have been accused of embezzling $4 million 500 thousand to set up a competitor.

Now Feng Ping says its factory in Dongguan, Guangdong, has been worried about blocking the gates by suppliers who don't have the money.

In addition, Feng Ping announced the announcement in December 16th that 270 workers who had not yet received wages had ransacked the factory in December 15th and took away everything that they could take away.

And, just like the plot in the spy story, Feng Ping said that the suppliers who had blocked the factory successfully managed to keep the American owners James and John Fiocchi brothers in the factory for 13 days. The two men finally managed to escape in the trunk of a car in the night.

During this period, all the moulds belonging to the Feng Ping customers are trapped in the factory and can not be taken away.

In the US telephone interview with plastic news, James Fiocchi, the company's general manager, said he had transferred hundreds of molds of customers, but there were still hundreds of moulds left in the factory.

Fiocchi says the situation is still in chaos, and the company is trying to solve it. In a client letter issued in December 16th, Feng Ping admitted that it was not able to take out molds from the factory at the moment.

The company said that, in the present case, Feng Ping has no authorized representatives to be able to guarantee the transfer or return of the moulds that have been partially completed. "If the customer is involved with the former employees of the company to retrieve the unfinished or completed moulds, the risks of this act are on their own. We are told that the court will eventually get involved in the matter. "

The company said in the announcement that it had applied to the local court for bankruptcy protection.

The company said that the company has announced that Feng Ping has applied for bankruptcy to the people's Court of Dongguan, which is deeply regrettable and sorry for the company.

"Feng Ping plastic mold manufacturing Co., Ltd. (Feng Ping Tooling & Plastic Mfg. Co. Ltd.) officially closed its business in December 16, 2013. "

Fiocchi refuses to provide more details, saying that the negotiations are continuing. But Feng Ping has provided detailed time records and instructions in the customer's letter to the situation that has been out of control in recent weeks.

The company said that in August 2012 -2013 July, a senior manager of the company and 18 other employees plotted to steal the company's public funds of about 4 million 575 thousand dollars. In his letter, Feng Ping said the incident was involved in 33 suppliers.

The letter said the employees were fired when the theft was found in July. But by September, the company said, these people set up a mold maker that constituted a competitive relationship and tried to dig out Feng Ping's customers. They also bought 12 employees who were still working in Fengping, offering quotations and confidential information in private.

Feng Ping said it started a revitalization program in September and laid off 50% of the staff in 2 months to get funds to pay for suppliers.

But in November 1st, Feng Ping's suppliers began to feel anxious and uneasy, and "threatened the lives of many top managers who remained in the company", including the new factory manager.

In November 15th, Feng Ping decided to sell $2 million worth of equipment to repay the supplier's debt. But the move did not quell the situation.

The company said, "from the sale of the first device, more suppliers blocked the gate with large trucks, because they didn't believe that we would use the money to pay for the goods. "

In a December 16th letter to the customer, the company said, by November 18th, "the factory has not been allowed to go in and out". The equipment could not be sold to repay the debt, and the deadlock continued.

Until the incident, the company looks very fast on the surface. Feng Ping was founded in 2008, and the number of employees increased to hundreds of people. The company has been highly publicized, and the two brothers who set up a company frequently receive interviews with the industry media, including the journal.

The company also set up a large booth on NPE 2012 held by Orlando, which hosted a visit to US government officials. Bloomberg and Chicago Tribune had reported the company.

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WT Hardware And Plastics Limited

Our company founded in 2011,Shenzhen WT Hardware And Plastics Limited takes pride in meeting and exceeding in customer requirements, WT is located in Shenzhen , where is the manufacturing center is in.

We WT are professional in moulds and molding parts, we also support struture design and offer assistance in material selection . You are welcome to look towards WT Mold as an extension of your R&D department , an arm of your design group and manufacture partner.

We have been striving to excellent quality at competitive price, Quality and Service First, the principle that we oursure , is exactly why we have established business relationships with customers from all over the world , More than 80% of our molds are exported to USA, EU, CLS, South America, and other Asian countries.

WT Hardware And Plastics Limited

Mobile:+86 18923768676

Tel: 86-755-27673590

Fax: 86-755-23143536 

Add: 5B2# Jiangshi Building, Fuyong, Shenzhen, China 

http://www.wt-industry.com/

Email:henry@wt-industry.com

Main Product: Plastic Injection Mold & Plastic Parts, Die Casting, CNC Machining


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