Tongxin Real Estate was not good at restructuring on September 28, 2023 due to its operation. The applicant is Zhengzhou Huanian Real Estate Co., Ltd., the case number is (2022) Yu 1322 Qingshen No.2, and the court is Fangcheng County People's Court, Nanyang City, Henan Province.
Bankruptcy reorganization means that when an enterprise is insolvent, the management can apply to the court for bankruptcy reorganization. The law allows the management of the same enterprise to propose a reorganization plan to creditors, postpone repayment of debts and stop paying dividends.