The hottest st Jincheng shareholders once again re

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*St Jincheng shareholders vetoed the draft reorganization plan again

last Friday, *st Jincheng shareholders just jointly vetoed the investor equity adjustment plan involved in the draft reorganization plan of the company again. Only four days later, Jinzhou intermediate people's Court of Liaoning Province made a strong ruling on the reorganization plan of the company. After * ST Guangxia, another company whose reorganization plan encountered a double negative was forcibly adjudicated by the court

according to the announcement, according to the provisions of the enterprise bankruptcy law, *st Jincheng applied to the Jinzhou intermediate people's court for approval of the reorganization plan of Jincheng Paper Co., Ltd. on October 15, and received the civil ruling (2012) Jinmin yipo Zi no. of Jinzhou intermediate people's Court on October 16, ruling to approve the reorganization plan of Jincheng Paper Co., Ltd

according to the reorganization plan, the repayment proportion of ordinary creditors with more than 100000 yuan in *st Jincheng is only 5%. According to the business plan proposed by the company, in the future, *st Jincheng will divest inefficient assets; Integrate paper and chemical assets; The red liquor evaporation system technical transformation project was completed. The company said that at present, the project has been basically completed, entered the trial production stage, and will be officially put into production; New adhesive deep processing project; And will be given 10% equity of Hengxin mining company by the restructuring party; According to the commitment that the feeding is not allowed to exceed the rated capacity, the evaluation value of the assets to be injected by the reorganizer in the future is not less than 1.5 billion yuan, and at least includes all the equity of Hengxin mining company it holds

*st Jincheng's restructuring plan is difficult to promote. At the second creditors' meeting and the investors' meeting on September 24, the company's reorganization plan was rejected by both parties, of which the approval rate of the creditors' group was quite low. After two votes, the ordinary creditors' group only agreed to the reorganization plan on behalf of the creditors who affected 5.87% of the total debt of the vertical installation. The approval rate of the investor group meeting was slightly higher, up to 60.71%. Based on this, *st Jincheng express adjusted the plan at a comfortable speed, from the one size fits all transfer of large and small shareholders to the transfer of 30% by Jinzhou Xintian Paper Co., Ltd., the largest shareholder, and 22% by minority shareholders. However, this plan still failed to satisfy shareholders. At the second voting meeting of the investors on the 12th, only 63.62% of the shareholders chose to adopt the new plan, which still failed to exceed 2/3

therefore, this forced *st Jincheng to embark on the road of strong cutting. The bankruptcy reorganization professionals said that although the court has the power of strong adjudication, it will also refer to the adoption ratio of creditors and investors. From the perspective of the investor adoption rate of *st Jincheng, it is close to the level of 2/3, so the pressure of strong adjudication by the court is not too great

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