The North Sea country sends the reorganization repeatedly to defeat repeatedly the big shareholder Guangxi state sends out the rush to escape

North Sea, the road is more difficult to go, the introduction of fuel ethanol fixed-point license has not been allowed, but also by the large shareholder abandoned, is willing to withdraw, on the one hand, debt-ridden, debts to push the door, on the other hand is difficult to maintain, the fate of the North Sea in the However, the North Sea share price but its situation with a dual-day ice-fire situation.　　Since June this year, there have been a number of shocks, the market is expected to be again fried biofuels, and the truth is it? The restructuring has been repeatedly defeated and the share price soared in recent days, the North Sea shares soared. June 18, 2009 closed 9.86 Yuan, since last October, the highest rise of more than 300%, the stock has been a new high, but without appropriate adjustments, some market participants believe that the stock may be due to the transformation of biomass in the field of potential value revaluation and speculation,　　But ironically, from the beginning of last year, the Guangxi State Material Energy Co., Ltd. has not enough capacity to become the most serious loss of the 3 main holding subsidiaries of the North Sea. 2007, the company acquired a 100% stake in Guangxi State Material Energy Co., Ltd., and increased its capital of 50 million yuan, intending to dabble in the field of fuel ethanol.　　However, the fixed point "permit" of fuel ethanol has not been settled. Not only the transformation has not been successfully achieved, almost all good news in the North Sea in the country hair is ultimately an illusory dream.　　The two reorganization of the North Sea country has also died out. Beihai's share of the country's shares is more fragmented. The first major shareholder, Guangxi National Fat Investment Group Co., Ltd., held 53.49 million shares, accounting for 19.16% of total equity. Roderick held 60%, Ning 40%. The second largest shareholder is Beihai People's government Sasac, holding 19.35 million shares, accounting for 6.93% of total equity.　　The remaining shares of funds and natural persons, the proportion is below 2%. October 2008, Beihai state issued a notice that the company's controlling shareholder Guangxi Guo Fat Investment Group Co., Ltd. all shares were transferred to Shanghai Tong Shing Investment Co., Ltd., Shanghai Tong Sheng through the National Hair Group Holdings in Beihai 19.15% shares, become the company's actual control.　　The first reorganization kicked off. On January 17, 2009, however, the transfer of shares of the North Sea state-owned shareholder was halted. Since the shareholding of the group was pledged to the Beihai people's government prior to the signing of the agreement on the transfer of shares, it was reported that the shares of the Beihai group could not be completed.　　January 15, 2009, through friendly consultations agreed to cancel the signing of the October 13, 2008 "Guangxi State-owned Investment Group Co., Ltd. Equity transfer agreement."　　February 3, Beihai announced the start of a second reorganization, and once again to the outside world planning major asset restructuring and non-public issues such as shares, the day the company suspended. But the restructuring also ended in failure, March 4, 2009, the Beihai state issued a notice, because the company and its controlling shareholder Guangxi Guo Fat Investment Group Co., Ltd. and the reorganization of the intention party on the major asset restructuring and non-public offering of shares in the final agreement. After study, decided to stopTo plan the relevant work of the matter. "Beihai's share price is completely related to restructuring, almost by restructuring hype, every time the reorganization news, its share price went up." Beihai's main business has been not bullish, the performance of the loss of serious, stock prices and its fundamental deviation. Oriental Securities and biomedical analysts told reporters.　　[Page] A lot of debt lawsuits, big shareholders are willing to return to the whole body?　　Although the first reorganization of the North Sea failed to do so, but always revealed the big shareholder Guangxi National Hair Group intends to withdraw the idea. Beihai National hair is the only one engaged in the comprehensive development of marine living resources, processing of listed companies. Since January 2003, the company listed, in addition to the current year's net profit growth of 18.6%, followed by a few years of profit decline.　　The 2008 annual report showed that revenues of 327.94 million yuan were reduced by 58.47% compared with a year earlier, achieving a net profit of $173.19 million, down 6,800% from a year earlier. The North Sea Country says, the main reason for the loss of net profit is that because of the impact of the global financial crisis, the company's funds are more tense, resulting in the company can not deal with the bank loan transfer procedures in a timely manner, most of the bank loans overdue lead to a substantial increase in financial costs, the company's partial enterprises serious losses,　　At the end of the year receivables, inventory of large impairment of the preparation for the expiration, deterioration of the inventory to scrap, write-off.　　Along with the loss of performance, the North Sea of the country's debt also snowball-like more and more big, out of hand. Beihai in 2007 and 2008 respectively to the Bank of communications North Sea to apply for liquidity loans amounted to 70 million yuan, the loan period until January 18, 2009, the company has not repaid the principal and interest of the loan. The company said that due to domestic and foreign economic and financial situation, the company's liquidity tight, resulting in the company can not handle the bank loan transfer procedures in a timely manner.　　As of January 20, the company in the Communications Bank of Beihai branch of the new increase in overdue bank loans 70 million yuan (loan period to January 18, 2009), the use of loans for one-year liquidity loans.　　As of December 30, 2008, the company and holding subsidiaries accumulated 474.64 million yuan overdue bank loans, including the company's headquarters has overdue loans of 328.64 million yuan, the holding subsidiary has overdue loans of 146 million yuan.　　At the beginning of 2009, major banks sued the company, making it difficult for the North Sea country to make it. Meanwhile, Beihai state lending funds for excessive investment in fixed assets, interest burden, coupled with the impact of the international financial crisis, accounts receivable recovery is more difficult, making its subordinate enterprises liquidity shortage is more prominent, some subordinate enterprises profitability, precipitated some non-performing assets, and management is not in place,　　resulting in a different degree of inventory deterioration, accounts receivable formation of bad debts, reduce the turnover of funds, resulting in a shortage of funds. Only February 2 this year, the company received the Guangxi Beihai Institute issued four civil rulings and Beihai Yinhai District People's court issued a civil adjudicationBook.　　The total freeze or seizure of assets of about 170 million yuan, another frozen national group holding the North Sea country issued a restricted circulation of 11.72 million shares. It is noteworthy that, in addition to debt, the North Sea in the case of a serial lawsuit is undoubtedly the restructuring of its assets.　　Beihai issued a warning investors to pay attention to investment risk Bulletin said that the above litigation cases will further increase the company's financial pressure, and affect the company's overall operating environment, so that the company's current profits and period of profit has a certain impact.　　In this respect, Beihai National hair also prepared a solution: to speed up the processing of idle fixed assets and weak profitability of subordinate enterprises, repayment of bank loans, reduce bank borrowing interest payments, the introduction of new strategic investors, the implementation of asset restructuring and debt restructuring, increase the management of accounts receivable, accelerate the turnover of limited funds, improve the efficiency of capital use.　　But always backfired, the White Sea country sends the reorganization road to become increasingly confused. The people familiar with the matter said: "For the North Sea, the controlling shareholder, faced with such a loss situation can hardly control the enterprise, more is considered after the smooth exit."　　"[Page] sell the wealth no one asked the reorganization into a" habitual abortion "?　　The North Sea has not only fallen into debt, but is in jeopardy, and its own selling of its own possessions seems to be out of the government. According to the annual report of the North Sea, in order to return some of the bank loans, reduce bank liabilities, to supplement some of the liquidity, the company intends to the company's national Pharmaceutical Building, the state-issued property building and the state-issued Hualian shopping mall to transfer, return the bank loans. Companies from the end of 2007 to the end of 2008, has repeatedly commissioned auction companies to auction the above assets.　　However, due to various reasons, the company auction assets are streaming, the treatment of fixed assets has not made substantial progress. The North Sea, a one-time transfer of non-performing assets, but suffer no one took over. April 29, 2009, Beihai state issued a notice that the company will hold the Guangxi Pastoral Biochemical Co., Ltd. 13.92% shares to 45.936 million yuan for transfer.　　The transfer of assets has not yet determined the transferee, to be determined after the specific transferee, the company will be detailed notice. Familiar with the North Sea, said: "The North Sea in the current situation is difficult, mainly no buyers willing to take over, operating losses, a wide range of debt, this stall now no one willing to carry down." Companies can only reduce stress by selling assets themselves, but it is hard for anyone to. As to whether the North Sea is bankrupt, people familiar with the matter said: "At present, Beihai national hair is already looking for a new club, continue to strengthen communication and coordination with creditor banks, courts and government departments, but the plan can not keep pace with the changes, the current North Sea can only be expected in the restructuring. ”