Why didn't St mingcheng reorganize?

Creditors apply for bankruptcy and reorganization of the company. St Mingcheng is Hubei Province, formerly known as Wuhan Contemporary Mingcheng Cultural and Sports Group Co., Ltd. .. St Mingcheng and other creditors applied for bankruptcy and reorganization of the company. The main business of Wuhan Contemporary Famous City Culture and Sports Group Co., Ltd. is film and television media business and sports business. Its main products include film and television dramas, artists' brokers, advertisements, production, sports marketing, sports videos, sports tourism, sports brokers, venue operations, sports products, cinemas and sports copyrights.