Recently, Souyute Group Co., Ltd., the parent company of the casual clothing brand Trend Front, issued an announcement stating that the company had previously disclosed on April 29 that due to the impact of the epidemic, some of the company and some of its subsidiaries had overdue debts, resulting in Some of the company’s bank accounts and assets have been frozen. According to statistics and verification by the company’s financial department, as of June 30, 2021, the company and its subsidiaries’ overdue debt totaled 885 million yuan, accounting for 23.45% of the company’s audited net assets in 2020 of 3.774 billion yuan.
Souyute revealed in the announcement that as of June 30, 2021, the company and its wholly-owned subsidiary Dongguan City Souyute Yute Supply Chain Management Co., Ltd., Dongguan Souyute Brand Management Co., Ltd., and Dongguan Souyute Medical Supplies Co., Ltd. have frozen a total of 62 bank accounts; the total frozen fund balance is 10.362307 yuan.
At present, Sou Yute said that the company’s current fund payment mainly uses bank transfers, remittances, checks, cashier’s orders, etc. The company’s production and operation business settlement and bank loans can be settled through general settlement accounts. Therefore, the freezing of the company’s bank account has not yet had a major adverse impact on the company’s daily operations and management activities, and the company’s production and operations are still operating normally.
We are currently negotiating and communicating with relevant creditor banks, including but not limited to extension, partial repayment, etc.; at the same time, we are fully raising debt repayment funds by selling assets, accelerating the recovery of receivables, etc. , strive to lift the frozen account and restore it to normal status as soon as possible, so as to minimize the adverse impact on the company. </p
