This is the first listed company in northwest China to be reorganized according to the procedures stipulated in the Enterprise Bankruptcy Law of the People's Republic of China, and it is also the company with the largest proportion of all shares transferred by the largest shareholder among the bankrupt listed companies in China.
Changling shares, formerly known as the state-owned Changling Machinery Factory, were listed on the Shenzhen Stock Exchange on May 9, 1994. In recent years, due to the deterioration of financial situation, Changling Co., Ltd. is unable to repay huge debts, and there is great uncertainty in its ability to continue operations. The board of directors of the company has repeatedly issued suggestive announcements on delisting and liquidation risks. On May 5, 2008, Baoji SASAC, as the largest shareholder and actual controller of Changling Co., Ltd., filed a reorganization application with Changling Co., Ltd. according to the relevant provisions of the Bankruptcy Law. On May 14, Baoji Intermediate People's Court ruled to approve the reorganization of Changling shares.
According to this reorganization plan (draft), except for employees' creditor's rights and tax creditor's rights, Changling shares shall pay off all ordinary bonds at 100% according to law. All shareholders of Changling will transfer some shares to creditors and reorganizers, among which Baoji SASAAC will transfer 80% of its total shares, other non-tradable shareholders except Baoji SAAC will transfer 50% of its total shares respectively, and all tradable shareholders will transfer 65,438+00% of its total shares respectively. The reorganization plan (draft) was passed in September with a high vote of 17.
In order to save Changling shares from bankruptcy and liquidation, Shaanxi Electronic Information Group was finally determined as the reorganizer of Changling shares after a year-long search for reorganizers and choices. According to the commitment of Shaanxi Electronic Information Group, it will inject high-quality net assets and related businesses of not less than 700 million yuan according to law, and restore Changling shares to sustainable operation through major asset restructuring.
References:
Baoji daily