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2022-08-07
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Bankruptcy reorganization accepted Shenyang Machine Tool Co., Ltd.

bankruptcy reorganization accepted Shenyang Machine Tool Co., Ltd.

bankruptcy reorganization accepted Shenyang Machine Tool Co., Ltd.

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original title: bankruptcy reorganization accepted Shenyang Machine Tool Co., Ltd.

after the controlling shareholder Shenyang Machine Tool (Group) Co., Ltd. (hereinafter referred to as "Shenyang Machine Tool Group") was ruled to accept the reorganization, on the evening of August 18, Shenyang Machine Tool (000410) disclosed that, The creditors' application for reorganization of the company was also accepted by the court. According to the regulations, Shenyang machine tool will be "*st" on August 20. As a result, Shenyang machine tool, once one of the top representatives in China's machine tool industry, has now come to the stage of being crowned by bankruptcy and reorganization

since August 20, the company has been "*st"

according to the announcement issued by Shenyang machine tool on the evening of August 18, the company has been ruled by the court to accept bankruptcy reorganization. According to item (11) of article 13.2.1 of the Listing Rules of Shenzhen Stock Exchange (revised in November 2018) (hereinafter referred to as the Listing Rules), the company's shares will be subject to delisting risk warning on August 20, and the stock abbreviation will be modified to "*st Shenyang machine tool", The daily fluctuation of stock price is limited to 5%

the Beijing Business Daily found that item (11) of article 13.2.1 of the stock listing rules stipulates that "the court shall accept the company's application for reorganization, reconciliation or bankruptcy liquidation according to law", and Shenzhen Stock Exchange ownership implements the delisting risk warning for its stock trading

looking back at the historical announcements, it can be seen that on July 13, Shenyang Machine Tool successively disclosed many announcements, exposing the embarrassment of the company's controlling shareholder Shenyang Machine Tool Group and the company's creditors' application for restructuring due to lack of debt repayment ability. Among them, Shenyang Meiting Cable Sales Co., Ltd. (hereinafter referred to as "Meiting cable") applied to the court for reorganization on the grounds that Shenyang machine tool could not pay off its due debts, obviously lacked solvency and met the conditions for reorganization

according to the Meiting cable collection letter, as of May 20, 2019, Shenyang machine tool still owes the Meiting cable contract amount of 4.4144 million yuan. On August 16, Shenyang Machine Tool received the civil ruling and decision served by Shenyang intermediate people's court, which ruled to accept the reorganization application of Meiting cable, the creditor of the company. The decision appointed the liquidation group of Shenyang machine tool as the manager of Shenyang machine tool

wangdeyi, a lawyer of Beijing xunzhen law firm, introduced to the Beijing Business Daily that reorganization is a system in which enterprises in debt difficulties, upon the application of their interested parties, use the relief measures stipulated in the bankruptcy law under the guidance of the court to regain their operating capacity while paying off their debts

it was exposed that a number of overdue debts

in fact, before being applied for reorganization by creditors, the exchange once issued an inquiry letter for the 2018 annual report, requiring Shenyang machine tool to quantitatively analyze the company's solvency and liquidity risk in combination with the then debt level and relevant debt repayment arrangements

according to the 2018 annual report of Shenyang machine tool, the company's monetary capital balance at the end of the reporting period was 3.509 billion yuan, of which 3.477 billion yuan was restricted (including 5.0462 million yuan of frozen bank deposits). Meanwhile, the interest expense of Shenyang machine tool in the reporting period was 624million yuan; The ending balance of interest bearing liabilities was 12.346 billion yuan, and the ending asset liability ratio reached 99.26%

after being applied for reorganization by the creditor Meiting cable, Shenyang machine tool disclosed that a number of debts were overdue. On July 26, Shenyang Machine Tool Co., Ltd. announced that the company and some of its subsidiaries were affected by the market downturn in the machine tool industry, the market demand fell sharply, the company's capital situation was tight, and the production investment was insufficient, resulting in the overdue of some of the company's debts

the data display is configured with a LCD controller. As of the disclosure date of the announcement at that time, the amount of overdue debt of Shenyang machine tool has exceeded 100 million yuan. The types of overdue debt include loan interest and loan principal

in fact, before being applied for reorganization, the performance of Shenyang machine tool in recent years had already fallen into a quagmire. Due to the negative audited net profit for two consecutive fiscal years in 2015 and 2016, Shenyang machine tool was once warned of delisting risk in 2017

after turning losses into profits through self-help in 2017, Shenyang Machine Tool got rid of the crisis of suspension of listing. However, in 2018, Shenyang Machine Tool lost again, and the loss reached 788million yuan. Shenyang Machine Tool Co., Ltd. is expected to lose 1.1 billion to 1.45 billion yuan in the first half of this year, and its semi annual net assets are expected to be negative

there is uncertainty about whether the reorganization application will succeed.

as for the acceptance of the reorganization application, Shenyang Machine Tool said that the court has ruled that the company enters the reorganization procedure. If the company successfully implements the reorganization and completes the reorganization plan, it will be conducive to improving the company's asset liability structure

wangzhibin, a lawyer of Shanghai Ming software and yixianglun law firm, said that if the reorganization process is entered, all the creditor's rights and debts that have not been paid off before the reorganization should be included in the reorganization plan, and they should be paid off uniformly according to the reorganization plan. Unless there are priority creditor's rights, the creditor's rights of employees may be given priority. In addition, other creditor's rights are paid in accordance with the reorganization plan

however, for the reorganization, Shenyang machine tool also pointed out that if the reorganization fails, the company will be declared bankrupt. If the company is declared bankrupt and the equipment use record is made, the company's shares will face the risk of being delisted according to the provisions of item (23) of article 14.4.1 of the stock listing rules on aging and brittleness after exposure to the sun for a long time

"If the reorganization is successful, the company can be reborn. After entering the reorganization procedure, the manager should be appointed and the reorganization plan should be formulated. The reorganization plan involves the deliberation and voting of all creditors. If it involves the adjustment of shareholders' equity, the shareholders' group should vote. Therefore, there are a series of court review procedures, and it is difficult to judge whether the reorganization can be successfully carried out. If it is finally rejected, it means that the plan is aborted. ”Wangzhibin said so

in the announcement disclosed on the evening of August 18, Shenyang machine tool also pointed out that there was a risk of being declared bankrupt due to the failure of reorganization, including that after the court accepted the reorganization application, if the manager or the company failed to submit the draft reorganization plan to the court and the creditors' meeting within the statutory time limit, or the draft reorganization plan failed to be adopted by the creditors' meeting and failed to be approved by the court, Or the draft reorganization plan has been approved by the creditors' meeting but failed to be approved by the court, or the reorganization plan has not been approved by the court, the court has the right to rule to terminate the reorganization proceedings and declare the company bankrupt; Or if the reorganization plan is approved by the court but fails to be implemented, the court has the right to order to terminate the implementation of the reorganization plan and declare the company bankrupt

in response to relevant questions, Beijing Business Daily called Shenyang machine tool for an interview, but no one answered

Beijing business daily Gao Ping

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