Traditional Culture Encyclopedia - Travel guide - Changling (Group) Co., Ltd.’s recent group status

Changling (Group) Co., Ltd.’s recent group status

On September 18, 2008, Changling Co., Ltd. officially announced bankruptcy and reorganization.

This is the first listed company in northwest my country to undergo reorganization in accordance with the procedures stipulated in the "Enterprise Bankruptcy Law of the People's Republic of China". It is also the largest shareholder of currently bankrupt listed companies in China to sell its shares. The company with the largest proportion of all shares.

The predecessor of Changling Co., Ltd. was the state-owned Changling Machinery Factory. It was listed on the Shenzhen Stock Exchange on May 9, 1994. In recent years, due to the deterioration of its financial situation, Changling Co., Ltd. was unable to repay its huge debts. , there are major uncertainties in the company's ability to continue operating, and the company's board of directors has issued warning announcements on many occasions regarding the company's delisting and liquidation risks. On May 5, 2008, Baoji State-owned Assets Supervision and Administration Commission, as the largest shareholder and actual controller of Changling Co., Ltd., filed an application for reorganization of Changling Co., Ltd. in accordance with the relevant provisions of the Bankruptcy Law. On May 14, the Baoji Intermediate People’s Court ruled to approve the reorganization of Changling Shares.

According to this reorganization plan (draft), in addition to employee claims and tax claims that should be paid off at 100% according to law, Changling Co., Ltd. will pay off all ordinary bonds at 18%. All shareholders of Changling Co., Ltd. will transfer part of their equity to creditors and reorganizers. Among them, Baoji City State-owned Assets Supervision and Administration Commission will transfer 80% of all the shares it holds, and other non-tradable shareholders other than Baoji City State-owned Assets Supervision and Administration Commission will transfer all their holdings respectively. 50% of the shares, and all shareholders of tradable shares will transfer 10% of all the shares they hold. The reorganization plan (draft) was approved by a high vote on September 17.

In order to save Changling Co., Ltd. from bankruptcy and liquidation, after a year-long search for reorganizers and options, Shaanxi Electronic Information Group was finally determined as the reorganizer of Changling Co., Ltd. According to Shaanxi Electronic Information Group’s It promises to inject high-quality net assets and related businesses of no less than 700 million yuan in accordance with the law, and restore Changling Shares to its ability to continue operating through major asset restructuring.

Reference material: "Baoji Daily"