中国政法大学破产法与企业重组研究中心主任李曙光：重整制度的设计应助力上市公司长远发展

Core Viewpoint - The approval of *ST Jinke's restructuring plan highlights the increasing number of bankruptcy restructuring cases in the market, raising concerns about debt resolution and reasonable valuation pricing [1] Restructuring System - The restructuring system is a crucial component of bankruptcy law aimed at assisting enterprises with salvageable value [2] - Two standards are necessary for a company to enter restructuring: feasibility and maximization of creditor interests [2][3] - The identification and review of restructuring enterprises should be elevated to a legal level to ensure only viable companies enter the process [2] Hearing Procedures - To address judges' lack of commercial judgment, hearing procedures have been established for complex restructuring cases, allowing for input from experts and stakeholders [3] Market Challenges - The number of listed company restructuring cases has surged from an average of 2-3 per year to 27 in 2023, revealing market challenges such as capital speculation [4] - Pre-restructuring procedures are often misused, leading to a lack of accountability among local governments and companies [4] - Investors can acquire distressed company stocks at low prices, while creditors face higher conversion prices, raising concerns about the protection of investor rights [4] Importance of Restructuring Plans - The restructuring plan draft is essential for the success of the restructuring process, containing numerous new business arrangements [5][6] - Key focus areas include adjusting investor rights and preventing "capital brokers" from exploiting the restructuring process for short-term gains [6] Future Recommendations - Strengthening ongoing supervision of restructured companies and improving the delisting and re-listing system for distressed firms are recommended to enhance market stability [6]