破局之道 企业“向死而生”的上海实践——上海探索破产审判优化营商环境调查（上）

Core Viewpoint - The article highlights the importance of bankruptcy restructuring as a means for companies to recover from financial distress, emphasizing that bankruptcy can provide a second chance rather than being an end point for businesses [1][2]. Group 1: Bankruptcy Restructuring - The case of a Shanghai-based company, which faced severe financial difficulties and was on the verge of judicial auction, illustrates how bankruptcy restructuring can revitalize a business [1][2]. - The Shanghai Bankruptcy Court has seen a significant increase in cases, with 4,911 cases in 2023 and an expected 5,050 in 2024, indicating a high demand for bankruptcy services [1]. - The company underwent an out-of-court restructuring process, which allowed it to negotiate with creditors and stabilize its operations, ultimately leading to the approval of its restructuring plan by the court [3][4]. Group 2: Market-Oriented Solutions - The establishment of the North Bund Enterprise Out-of-Court Restructuring Center in Hongkou District represents a proactive approach to facilitate market-oriented restructuring solutions [3]. - The restructuring process involved the company negotiating with over two-thirds of its creditors to sign restructuring agreements, resulting in a debt restructuring of nearly 4 billion yuan [3]. - The flexibility and confidentiality of out-of-court restructuring allow companies to navigate financial crises without public scrutiny, which can be beneficial for maintaining business operations [2]. Group 3: Judicial Support and Pre-Reorganization - The Shanghai courts have implemented a "pre-reorganization" system to assist companies in distress before they enter formal bankruptcy proceedings, enhancing the chances of recovery [5][6]. - The case of Shanghai Jubao Real Estate Development Co., which faced a funding crisis, demonstrates how pre-reorganization can lead to successful asset recovery and debt repayment [6]. - The court's involvement in guiding the restructuring process has proven effective in ensuring that creditors are repaid and that companies can resume operations [6]. Group 4: Liquidation and Asset Management - Not all companies can be saved; some must undergo liquidation to ensure an orderly exit from the market, which can prevent further disputes and protect creditor interests [8][9]. - The case of Shanghai Shangshu Yonghui Fresh Food Co. illustrates the importance of asset management during liquidation, where the court facilitated the sale of assets to clear debts amounting to over 570 million yuan [9]. - The bankruptcy process serves not only to distribute assets but also to inject capital back into the economy, highlighting its role in resource reallocation [9].