Zalman goes bankrupt

[Espinetenbolas]

It seems that the parent company manipulated sales data and the company went into debt for 2.92 billion dollars, money that it could not repay... in short, bad management.

Everything has come to light thanks to a former employee and although ZALMAN has requested protection from bankruptcy from the Korean authorities, this probably means that the company is going to disappear since the normal thing would be for it to be broken up to pay off the debt in a creditors' meeting.

Another option would be for an investor group or the Korean government itself to want to rescue the company by buying it and paying off its debt, but I don't think this will happen... things are really messed up for ZALMAN.

Link: Zalman Files for Bankruptcy for Major Financial Fraud by Parent Company

[whoololon]

If Serrat already said it: "Good times are running…"
Let's see what happens now with the guarantees.

[_Neptunno_]

Anyway, the mess that is made to cover up certain tax data, to get into debt in bad ways, and high-level scams. Of course, if a company goes bankrupt, the workers are the first to suffer the consequences… for their sake I would accept a government-level bailout (with citizens' taxes), but it seems to me very unfair that if the executives do well or are in charge, no one benefits and if they mess things up, it is always us who have to deal with the consequences.

Anyway, this is a personal opinion, very personal, that I say from the heart because we are living in complicated times. I hope a solution is found for Zalman that does not harm anyone and they can continue to provide their service normally.

Regards.

[Espinetenbolas]

@whoololon:

Let's see what happens now with the warranties.

It's very simple right now the company still exists and in theory it still has economic activity. Declaring bankruptcy is like saying "I can't pay anyone because I owe more money than I'm worth and I'm making it public so you know" but it doesn't mean the company is closing down, it just means that when they send an invoice, they won't pay it. What is evident is that if ZALMAN disappears, you can forget about the warranty.

@_Neptunno_:

I hope a solution is found for Zalman that doesn't harm anyone and they can continue providing their service normally.

The logical thing is that those responsible pay for financial fraud and that the shareholders are sued by creditors since they are the owners of the company (and not the top management as one might think)… unfortunately, the workers have nothing to claim unless they are not paid, in which case they should wait for the bankruptcy proceedings but nothing more.

The truth is that I posted the news because I think Koreans are very hardworking and serious people... this gives me chills especially because of the magnitude of the scandal and because it's in a company with so much renown.

The good thing is that it's a country where it will be easy for the workers to find new jobs and for other competing companies to absorb parts of this company to increase their production capacity.

I suppose that over the next few weeks everything will come out and we'll see how it's resolved... that is, I think it's something more than just a simple financial fraud... that is, if it's something similar to what has happened in Spain with Pescanova or Bankia (what comes to be known as robbing with their hands full) then it's lights out.

[whoololon]

@Espinetenbolas:

[…]The truth is that I posted the news because I think Koreans are very hardworking and serious people… this gives me chills, especially because of the magnitude of the scandal and because it is in a company with so much renown.[…]

…just remember Daewoo... :ugly:

[Espinetenbolas]

@whoololon:

…pues acuérdate de Daewoo... :ugly:

I know it was absorbed by General Motors and then GM turned the Daewo into Chevrolet to be able to compete in the international market so I think it can't be compared to what has happened with ZALMAN.

It is clear that any company can go wrong both if good and bad decisions are made because in the end the consumer's behavior is unpredictable and may not adapt to your forecasts but falsifying the sales volume and thus obtaining a credit of almost 3000 Million dollars (for a still unknown strange purpose) leading the company to a situation of bankruptcy… wow.

I don't know, it has shocked me

[Sylver]

Will there be stock liquidations somewhere? I'm a very bad person at rubbing salt in the wound, but hey, the crisis also affects mortals…

Best regards!

[Espinetenbolas]

@Sylver:

Will there be stock liquidations somewhere?

At first, what might happen is that distributors, in doubt, stop buying and sell everything they have cheaply to resellers (i.e. stores) that haven't noticed. I don't think they have a high RMA rate, but what is clear is that whoever sells ZALMAN will have to deal with the return of a defective product.

I don't know, lately the brand was saying little to me... the embezzlement issue confirms that it was poorly managed, but it will undoubtedly be the final blow to end it... and this is why when these kinds of things come to light, chaos and confusion ensue.

[whoololon]

@Espinetenbolas:

No se, a mi me ha chocado.

No, por supuesto. Y ha muchos nos toca de cerca por que es una marca que está ahí. Mi alusión a Daewoo viene por que igualmente era surcoreana y no solamente fabricaba coches, también manufacturaba en el campo de la tecnología y electrodomésticos. La noticia está cojonuda hombre, no me malinterpretes. ;D

! Daewoo, no es que fuese absorbida sin más, es que previamente se vendieron las filiales para intentar tapar el agujero: con ingresos negativos siguió endeudándose hasta cerca de los 400M € (inflando activos por valor de 4000 M€), cuando finalmente se declara en bancarrota y GM la absorbe.
También hay demanda del gobierno surcoreano por quiebra fraudulenta, y a su fundador le cayó una condena de 10 años por fraude, malversación de fondos y evasión de capitales.
Chico, yo la única diferencia de fondo que veo, es la marca.
Que aquí estamos acostumbrados al chorizo ibérico, pero que chorizos hay en todos los paises. :troll:

@Sylver:

¿Habrá liquidaciones de stocks en alguna parte? Soy muy mala persona haciendo leña del árbol caído, pero oye, la crisis también pega a los mortales…

¡Saludos!

¡Qué crack!

[Espinetenbolas]

Certainly… I also met a Korean exchange student who studied Business Administration at the UPV and had worked a summer in an internship for MSI, and you could tell she had absolutely nothing in common with a Spanish girl... I'm not saying they are more innocent, but they are good people without malice and they don't have airs of superiority... they are also very polite.

As for Daewo... I thought you were referring to the fact that the brand was gone and the warranty issue was messed up ... okay so there was more crap... I mean, the mismanagement and not acknowledging it leads to these kinds of practices.

Let's see where things stand.

[Fassou]

From Zalman USA, they say that there is nothing to worry about bankruptcy, that the parent company (Moneual) made a fool of itself and will pay for it, but they seriously doubt that it will be any problem for Zalman HQ (Korea), and in the worst case scenario, they are there to take over everything <:(

Best regards!

[whoololon]

@Fassou:

From Zalman USA, they say that there is no bankruptcy at all, that the parent company (Moneual) played the fool and will pay for it, but they seriously doubt that it will be any problem for Zalman HQ (Korea), and in the worst case scenario, they are there to take over everything <:(

Salu2!

Sorry Sylver, it seems it won't be possible. :ugly:

[Sylver]

@whoololon:

Lo siento Sylver, parece que no va a poder ser. :ugly:

Damn, I already had planned to build a maxi-PC cooled by 5,000 small fans and surrounded by LED lights and old-school neon tubes :ugly: :ugly: :ugly:

PD: Yes, something like what is in my avatar, but on steroids :risitas: