Chapter Three: Buying a Factory Made of Debt

“They will agree because I am not selling them a dream. I am selling recovery rates.” Zhou projected public court data onto the wall. “In immediate liquidation, preserved specialized machinery sells for scrap. The land has a senior mortgage. Ordinary creditors recover less than six percent. Under my plan, the protected account pays small creditors and basic employee support first. If the trial succeeds, order cash flow services the rest proportionally. If it fails, the account balance still belongs to creditors. Their worst case barely changes.” “But we have no order,” the finance manager said. “First we make the line run.” Tang explained that the final line lacked nickel-molybdenum master alloy.