Application for bankruptcy reorganization by foreign creditor St suspension of seabird reorganization

St Seabirds (600634.SH) The news of the suspension of major asset restructurings has again shattered investor fantasies.　　September 27, the company resumed trading on September 27 and announced that it would no longer plan major asset restructurings within 3 months, as the company failed to convene a board review of major asset restructuring plans within a specified period of time, according to the St Seabird Bulletin.　　Although the company announced a suspension of restructuring after nearly 1 months of suspension, it does not mean that the 4th reorganization that the listed company launched within 3 years will fail. After all, the new Bao Chongxian in July has been Zhou by the company's actual control of the shareholders Zhou Zhenming the hands of Shanghai Dong Hong Industrial investment 100% of the stake, and the latter is the current St Seabird shareholders-　　But the setback in Bao Chongxian's first restructuring after acquiring a large shareholder position clearly shows that it has failed to balance the interests of the parties.　　Affected by this news, the St seabirds suffered three consecutive unlimited fall on September 27, as of October 11, the company's shares were closed at 10.97 Yuan, 6 trading day cumulative decline of about 18.2%. At the same time, the reporter learned that, just after the St seabirds announced the suspension of reorganization one day, as the East Macro industrial foreign creditor entrusted to the Shanghai Pudong District Court on September 28 to submit the application for bankruptcy reorganization, said that in view of the debtor East Macro Enterprise external existence of a large number of debt and long-term insolvency, So apply for bankruptcy reorganization.　　The application shows that the foreign creditor owns about 26.9 million yuan in the East macro industry.　　The debt problem is an obstacle to the recent two rounds of restructuring of St seabirds.　　Last November, CICC invested 200 million yuan to buy its shares of 21.63% (18,865,170 shares) of listed companies from the company, but it was forced to run aground because of the complex debt problems that led to the inability to transfer the equity stakes in the judicial freeze and its own debt. According to the disclosure of investment at that time, if the East macro industry and the Great Wall Asset Management company Shanghai office and the Shanghai branch of Agricultural Bank of China signed a debt settlement agreement under the auspices of the Shanghai, or CICC investment with the above two creditors and Societe Generale Shanghai branch on the debt owed by the East macro industry,　　Then CICC investment will pay off three creditors total 172 million yuan of debt has advance the relevant implementation costs and assessment fees.　　It is clear that the difficult debt crux has made equity impossible to transfer, thus making the third reorganization of St seabirds doomed to failure in the beginning.　　Thus, St seabirds, although looking for a new reorganization party in May this year Bao Chongxian, but the former reorganization of CICC investment once again, said that in accordance with the previous and the actual control of listed companies Zhou Zhenming signed a letter of commitment, CICC investment continues to have a significant asset restructuring ST seabirds priority and exclusive rights. The farce finally reached a settlement at the beginning of July, and CICC's investment agreed to waive the rights enjoyed in the letter of commitment. There is no doubt that CICC's investment hopes to recover itsAdvance investment in solving the debt problem.　　In view of this, the control of the St seabirds chose the direct transfer of Dong Hong Industrial equity to replace the transfer of shares of listed companies to the reorganization of the roundabout way, and to complete this need to be from the East macro industrial financial data on the fuss. And how will the registered capital of up to 751 million Yuan East Hong Industrial 100% Equity evaluation into 50 million yuan?　　Capital reduction has become the preferred strategy.　　At the end of February this year, the company held the shareholders will decide to reduce its registered capital from 751 million yuan to 200 million yuan, the difference part of the 551 million yuan of the majority of the companies from 514 million yuan other receivables; April 15, the East macro industry completed the reduction of capital after the industrial and commercial change.　　The following May 27, signed by Zhou Zhenming and Bao Chongxian of the Equity acquisition agreement, East Hong Industrial 100% of the equity is priced at 50 million yuan.　　According to the company law, Wang Shujun, a lawyer at the Huili law firm, said that companies should notify their creditors and announce them in newspapers, and that their foreign creditors did not receive the relevant notices at all. Foreign creditors are now unable to determine whether the new controller of the St seabirds, Bao Chongxian, before and after the launch of the major asset reorganization in early September, has held detailed debt negotiations with the Shanghai office of the Great Wall Asset management company of three creditors, the Shanghai branch of AgBank and the Shanghai branch of Industrial Bank,　　But this issue is clearly once again an important factor in the suspension of restructuring.　　On the other hand, another foreign creditor of the Dong Hong industry also emerged.　　The reporter learned that the September 28 to the Pudong court to submit a bankruptcy application of foreign creditors is an overseas fund, its holdings of debt from the Fidelity Asset Management company to come. According to the verdict of Shanghai one Chinese court on January 25, 2005 "(2004) the first word No. 419 of Shanghai, China, and China," the Agricultural Investment Corporation will be required to pay 18 million yuan and 8.9 million yuan for the loan principal of the Shanghai Bank Extension branch.　　, but was subsequently determined to suspend execution because the former had no property to carry out.　　December 13, 2005, the Shanghai Bank extension of the China Sub-branch of the above two sums of 26.9 million of the debt to the letter to the Shanghai office of Asset Management company, and the current foreign funds in 2007 from the Fidelity Asset Management company in the hands of two claims.　　As a result, in the course of the two reorganization that St seabirds started in November last year and around May this year, the foreign funds hope to achieve the proceeds of their claims by means of a reorganization.　　Wang Shujun In an interview, said that, according to the "Enterprise Bankruptcy Law" relevant provisions, enterprise bankruptcy needs to have two substantive conditions, one is the legal entity can not repay the maturing debt, the second is the enterprise legal entity is not sufficient to discharge all debts or obvious lack of solvency. In particular, the East macro industry has long been unable to pay off the debts of the situation, and in April this year, after the company's capital reduction of 100% equity interest is only priced at 50 million yuan, will determine whether its obvious lack of clearSolvency.　　According to the previous disclosure of St seabirds, including the Bank of China's Shanghai branch of the three creditors of the debt balance of about 172 million yuan, if the emergence of the foreign funds about 26.9 million yuan of debt, close to the 200 million yuan mark.　　And before the reporter from the Industrial and commercial registration data of the East macro industry found that its balance sheet and property list of external debt for 45.8636 million yuan, two data is clearly far from the gap. In accordance with the procedure, if the above foreign funds ' bankruptcy application is accepted by the court, the Court will designate the insolvency administrator to be responsible for the debtor's east macro industry's schedule management, the latter as a major shareholder of the St seabirds decision-making power, voting rights and other corresponding shareholder rights will be executed by the insolvency administrator,　　This has been through the holding of East macro industry to become the actual control of listed companies Bao Chongxian to start again will encounter roadblocks. However, according to the reporter understands that as of the afternoon of October 11, the Pudong court still failed to accept the above-mentioned foreign creditors bankruptcy reorganization application decision. This is clearly not bad news for the Bao Chongxian of St Seabirds or for the shareholders in circulation.