Jin Group enters bankruptcy procedure *st Jin to reduce debts and next city

June 8, *st (000818.SZ) bulletin, Liaoning Province Huludao Intermediate People's Court on June 4, 2010 ruled that the company's controlling shareholder Kam Chemical (Group) Co., Ltd. (hereinafter referred to as the Jin group) can not discharge the debt due to establish the fact that the applicant Kam Group's bankruptcy liquidation application. This is an integral part of the *ST bankruptcy reorganization.　　*st of the bankruptcy reorganization, due to the Jin-Hua group and Huludao Huatian Industrial Co., Ltd. (hereinafter referred to Huatian Industrial) two companies, thus becoming more complex than other listed companies bankruptcy reorganization.　　And the Jin-group once again entered bankruptcy liquidation procedures, can be regarded as *st of the debt reduction has made another significant progress. Mutual protection chain at present, Jin-*st group holds a 55.92% of the shares of Kam, total 190.127 million shares.　　The reporter browses The 2009 annual report of *st Brocade to discover, the above-mentioned shares have been sealed up. Prior to the Jin-Hua group in its possession of the *ST 60 million shares in the Bank of China Huludao branch of the pledge, for *st Kam Loan 6 million U.S. dollars, loan period from December 2003 to January 2012, Huatian industrial 178.76 million-yuan loan, Loan period from November 2007 to December 2009 (reporter note: According to the *st of the 2009 annual report shows that the loan is overdue); At the same time, the company also in Huaxia Bank Shenyang Zhongshan Square Sub-branches pledged 30 million shares, for the *st of the loan 80 million yuan,　　The loan period is from November 2007 to December 2009.　　The Shenyang Intermediate People's Court issued on January 8, 2010 [2010] Shen Zhengmin The first letter of the 第10-1号 Civil adjudication, will be the Jin-group holdings of the company's shares 190.127 million shares seized.　　However, it is not only the Jin-hua group for the Chinese-day industry and *st loans to provide a unilateral guarantee, in fact, the latter two and the group has a complex security relationship. March 12 This year, *st disclosed the company for Huatian industry to provide the actual 50 million yuan guarantee and for Huludao Jin Import and Export Co., Ltd. to provide the actual 20 million yuan guarantee of overdue.　　According to the announcement, the expiry date of these two loans is February 11, 2010.　　*st not only for Huatian industry to provide a loan guarantee of 70 million yuan, but also in the form of other receivables and other means for the Chinese-day industry to provide financing. *ST 2009 Annual report shows that the company's other receivables should be receivable in China-day industrial balance as high as 614.62 million yuan.　　April 1, 2010, the Huludao Intermediate People's Court of Liaoning Province announced the liquidation of Wah-day industrial bankruptcy, by the Chinese-day industrial managers understand that the company is expected to repay the company's claims on the settlement rate is not higher than 5%, therefore, the company at the end of the 95% proportion, the corresponding receivables account for the provision of According to the reporter understand, 2009 Huatian industry also for *st loan providedSecurity。 In fact, this form of mutual insurance is very common in *st.　　The company's 2009 annual report shows that in addition to the above-mentioned companies, the company also for Liaoning Hongyuan Plastic Profile Co., Ltd. to provide a guarantee of 50 million yuan, the company with the implementation of mutual security, the company for Liaoning Zhong Wang Group Limited to provide a guarantee of 50 million yuan, the company with the implementation of mutual protection.　　It is far-reaching to reduce the debts and *st the bankruptcy of the city. "If wah-day industry does not bankrupt liquidation, that *st in the reorganization, for Huatian industrial 600 million yuan other receivables should also be in the debt repayment assets, and if the Jin group does not bankrupt liquidation, then the Jin group for the company part of the debt has been secured, the Brocade group will also become the object of the creditor recovery. As a result, the debt-reduction ratio of the *ST bankruptcy reorganization will not be too large.　　"Huludao, one of the local people close to the group, analyzes that.　　Earlier, the *st of the announcement, as of April 22, 2010, has completed a valid declaration of registration of Claims amounted to 480, the amount of claims claimed amounted to 2.818 billion yuan, which than the end of 2009 of debt more than 200 million yuan. "With the bankruptcy of the Jin-hua group and Huatian industry, it is expected that the *st will be much larger than expected." "The analysts said.