Rule of Law Daily | Liability ratio of 97.72%of the endangered leading enterprises "starting to death" Gansu Longnan Middle School to conclude Hengkang's bankruptcy reorganization case to maximize the effect

A listed company with a total asset of 4.894 billion yuan, due to the liabilities rate of 97.72%, reached an unsustainable situation. As an important listed company in Gansu Province and a leading enterprise in Longnan City, the company's survival is closely related to the local economic development. How can we make it "to death"?

Recently, the bankruptcy reorganization case of Hengkang Medical Group Co., Ltd. (hereinafter referred to as Hengkang Medical), under the trial of the Longnan Intermediate People's Court of Gansu Province, completed the reorganization in accordance with laws and regulations. After the reorganization was completed, Hengkang Medical quickly resumed its operation, and in a short time, it turned a new vitality to Ying Huan. It is reported that this is the second case of bankruptcy in Gansu Province and the first listed company in Longnan.

Reconstruction of the ring is intertwined

Hengkang Medical is the first listed company in Longnan City. In 2018, the debt crisis in the enterprise broke the capital chain; the application for bankruptcy reorganization was filed in 2020. In July 2021, the Longnan Intermediate People's Court ruled that the reorganization of Hengkang Medical's bankruptcy.

After the case was accepted, the Longnan Intermediate Court designated two law firms in Beijing and Longnan as the manager of Hengkang Medical in accordance with the legal procedures.

According to the case handler, the manager of this case adopts the "1+1" model, that is, a foreign law firm and a local high -quality law firm in Longnan City, which have an experience in the case of bankruptcy and reorganization of listed companies, jointly become managers. It is convenient to carry out work, and it can shorten the reorganization time and help listed companies get out of trouble as soon as possible.

Since then, the administrator has submitted a creditor's right to confirm the application report. The Longnan Intermediate People's Court twice ruled to confirm 45 claims, with a total amount of more than 2.6 billion yuan.

Under the guidance of the Longnan Intermediate People's Court, the manager issued an announcement to the social intermediary agencies to publicize the audit institution and evaluation agency of Hengkang Medical Reorganization Case. After the selection, the audit and evaluation agencies quickly carried out financial audit and asset evaluation of Hengkang Medical Reorganization Cases.

In September 2021, the manager issued an announcement to publicly recruit investors in the reorganization of Hengkang Medical Reorganization. The review subjects composed of Hengkang Medical Credit, shareholders, employee representatives, and experts from external industry experts were publicly selected through reorganization of investors selection and review meeting, and finally determined that Beijing New Milestone Health Industry Group Co., Ltd. (hereinafter referred to as Xinsura) led the formation The consortium is Hengkang Medical Reorganization Investor.

After the meeting, the reorganized investors will reorganize the investment funds of 1.79 billion yuan into the administrator's bank account, and the seven -party entities such as managers, Hengkang Medical, and New Miles signed a reorganized investment agreement.

In January 2022, the manager submitted the "Reorganization Plan (Draft)" to the Longnan Intermediate Court to make clear stipulation on various types of creditor's rights. On April 22, the Longnan Intermediate People's Court ruled that the Longnan Intermediate People's Court ruled that the Hengkang Medical Reorganization Plan was approved. During the implementation period, various matters are completed in accordance with regulations.

On June 13, Longnan Intermediate Court submitted relevant judicial assistance execution documents to the implementation of capital provident funds and reorganized investors 'securities accounts to reorganize investors' securities accounts to China Securities Corporation. On June 22, by Hengkang Medical and Sino -C Secort, Shenzhen Company confirmed that more than 1.39 billion shares assigned to reorganized investors in the Hengkang Medical Reorganization Plan have been registered to the securities account designated by the reorganization investor. Essence

On June 23, after discussing the study by the Longnan Intermediate People's Court, the "Supervision Report on the Implementation of the Hengkang Medical Reorganization Plan" submitted by the manager was approved. Essence At this point, the bankruptcy and reorganization that lasted for nearly a year was fully completed.

The reorganization plan is implemented

"The selection of investors is a key factor in the successful reorganization of this case." After the case of the case, the "Announcement on the Public Recruitment and Selection of the Reorganization Investors" was released, and the manager received the reorganization investment plan of the two companies. The court reviewed the subject qualifications of the two reorganized investors, equity structures, actual capital contributions, law -involved situations, and the specific content of the reorganized investment plan.

In order to ensure that the selection procedures for reorganizations are open, fair, fair, and transparent, and treat various intentions of interested investors fairly, Longnan Intermediate Court and Manager put forward plans for the composition of the review meeting and the rules of review and review members. In accordance with the selection process and evaluation rules, the manager hosted the investor selection meeting. After voting, the new mileage was decided to be an investor, and it was announced in accordance with the law.

The Longnan Central Court took the opportunity to reorganize Hengkang Medical. In the trial, he insisted on "grasping two hands and promoting", that is, one hand grasped bankruptcy and reorganization, promoted the trial of the case, grasped regional industrial revitalization and promoted local economic development.

During the reorganization process, the Longnan Municipal Government reached a strategic investment framework agreement with the new mileage, and reached a preliminary arrangement for the new mileage investment to invest in Longnan Big Health Industry and integrated medical resources.

It is understood that Hengkang Medical has successfully launched from the development of "unique". "Unique" is the leading enterprise in the Longnan Pharmaceutical Industry. As Hengkang Medical has fallen into a business dilemma, "unique blindness" is also difficult.

During the trial of the case, the Longnan Intermediate People's Court attached great importance to the development of "unique", and went to the "unique" production base for "unique" production bases in Kangxian County to investigate, and organized managers, investors, and "unique" operating managers to discuss and detailed them. The "unique" business plan is actively urged to explore, support, and optimize the commercial value of "unique".

In the end, investors include investment and development of "unique blindness" as an independent investment condition into the investment agreement, and use the 350 million yuan reorganization investment funds to increase capital to the "unique" company and expand the "unique" drugs. Variety and production capacity, and develop the Chinese Medicine Industrial Park in Kangxian County to ensure the implementation of the reorganization plan operation plan. At the same time, within 3 years of the reorganization plan, the reorganization investors developed "unique" daily necessities and the acquisition of other traditional Chinese medicine companies in the market. "These measures play a positive role in strengthening the characteristic industries of Longnan and promoting local economic development, showing the social responsibility of the bankruptcy and reorganization system and the social responsibility of bankruptcy trials." Said the case personnel.

Resolve the crisis to turn losses into profit

After Hengkang Medical's bankruptcy and reorganization, the production and operations gradually entered the right track. The overall presence of the enterprise showed a good trend. At present, the market value of the listed company in Gansu Province is at the forefront of the market value of the listed company in Gansu Province, glowing with new vitality.

In May 2020, Hengkang Medical Stocks were specially treated by the Shenzhen Stock Exchange for the "delisting risk warning", and Hengkang Medical has been at the danger of delisting. After the reorganization was completed, in July 2022, the Shenzhen Stock Exchange revoked the risk of delisting of Hengkang Medical, and the risk of delisting was completely eliminated.

Before the reorganization, the total assets of the company were 4.894 billion yuan, the net assets were 111 million yuan, and the debt ratio was as high as 97.72%, which continued to lose money; 12 major litigation cases involved in the enterprise, about 1.2 billion yuan. After the reorganization, as of March 31 this year, the company's total assets rose to 6.776 billion yuan, net assets rose to 1.588 billion yuan, and the debt ratio fell to 76.56%. Essence

The development of Hengkang Medical has strongly supported financial institutions at all levels in Gansu Province and Longnan, but its risks have also had a significant impact on financial institutions at all levels.

According to statistics, Hengkang Medical's reorganization involved the principal of various types of financial institutions exceeding 2.8 billion yuan, of which the principal of financial institutions at all levels in Gansu Province and Longnan City was as high as 870 million yuan. According to the reorganization plan, all the interests of all creditors have been fully guaranteed, and the full principal installment is fully repaid, and the regional financial risks that may be triggered by Hengkang Medical's bankruptcy and reorganization have been successfully resolved.

According to reports, due to the difficulty of operating, Hengkang Medical employees resigned from time to time. At the end of 2020, a total of 7,576 employees of the company (including subsidiaries) were. After the reorganization, the company's business was launched normally, and the confidence of employees has restored. At present, the company has more than 7,700 employees.

After the case was concluded, Beijing's new mileage and Hengkang Medical specifically favored the Longnan Middle School to help the enterprises "return to death", protect the legitimate rights and interests of creditors, and effectively resolve local financial risks. According to the two companies, the reorganization plan of Hengkang Medical has been implemented, and stock delivery and shareholder change have been completed, and the market value has exceeded 15 billion yuan.

Source: Rule of Law Daily

Reporter: Zhou Wenxin Zhao Zhifeng

Editor: Ji Xueyong Ma Jianwei Editor: Fu Yanyu

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