Few weeks ago, we shared on this platform that Gionee might go into liquidation and may likely pack up. The bad news is that the company has officially entered bankruptcy.
A court in Shenzhen has accepted the application for liquidation bankruptcy by Huaxing Bank. This may still turn into a company reorganization – Gionee hired restructuring consultants last week. Founder Liu Lirong thinks that the company can turn its fortunes around in 3-5 years.
However, Gionee owes a total of CNY 20.2 billion (around $3 billion) to 648 creditors. About half of the debt is to banks. Earlier this year the company failed to pay suppliers. Ad agencies haven’t been paid either.
The company money problem started when the founder and chairman Liu lost a CNY 1 billion bet in a casino.
Liu admitted in the interview that Gionee’s total debts amount to 17 billion yuan ($2,447,065,000), with 10 billion yuan($1,439,450,000) of this owed to banks, 5 billion yuan($719,725,000) to upstream suppliers and about 2 billion to advertising agencies.
If nothing happens in 3 – 5 years, this will be the end of Gionee Electronics and Smartphones. How are the mighty fallen…
(source)
Hard luck
This not a good news…I still have friends that love Gionee products
I feel so much pity for them
man, that’s so sad. they were really onto great things.
nawao but there product is second to non in terms of battery…wish them well
They produce good phones…
So sad for them…
And I was about buying their phone
It’s a pity. But can’t stop using their product. M even using one presently
too bad
They once had a fair share in the Nigerian market.. What happened? Life happened.
I love Gionee with passion
Bet in casino? Good for him
Chai……. Sorry to them.
tOO BAD
Not a good one for the company
Quite unfortunate
Oh my gionne
Rip Gionee, gone d way of LeEco
Wow. They produce arguably the best batteries for smartphones.
ABYE GIONEE