When Feng Ping announced the closing of its moldmaking and molding factory in China, and its subsequent bankruptcy filing in the PRC Court of Dong Guan, China, it left a lot of the company's customers in a lurch. In a telephone interview with Jim Fiocchi, PlasticsToday learned that the company is advising customers and creditors to contact a Peoples Republic of China (RPC) certified lawyer to petition the PRC bankruptcy court for their molds or partially finished molds.
"The government doesn't liquidate our factory," Fiocchi said. "We appoint a liquidator and the liquidator has to pay the employees out of pocket first. After the sale, we pay the liquidator a percentage of the proceeds."
"I have first right of refusal to buy the molds at scrap value and we'll ship them all back to the companies that own the molds," he said. "The whole idea was to get the molds back to the customers who own them before all this happened. Now, they can't get them back because of the embezzlement that put us out of business."