针对业绩承诺的问题，王维表示，他确实出过一个业绩承诺，但是是出具给当地政府，并不是给上市公 司或者肖四清，不清楚为何肖四清能获取该承诺函，而且该承诺有前置条件，是2024年拿到上市公司实 控权。他表示，产业投资人通过上市公司重整成为主要股东，基本上都不会出具业绩承诺，业绩承诺是 在收购资产、资产注入的情况下才会出现，"产业投资人在还没拿到上市公司实控权的情况下，在还没 有掌控经营，资产还没有注入的情况下，不可能进行业绩承诺，注入资产，需要走流程，需要监管方面 批准，时间上有很大不确定性，我也不可能给出业绩承诺。" 有棵树（300209）近期撤销退市风险警示及其他风险警示，投资者为此兴奋不已，股价也应声而涨。不 过，上市公司管理层与第一大股东之间发生矛盾，为后续发展蒙上阴影。 本月初，通过重整进入有棵树的产业投资人——深圳市天行云供应链有限公司（下称"天行云"）大股 东、董事长王维一方，提议召开临时股东大会更换董事会，被有棵树董事会投票否决。 证券时报记者采访了有棵树董事长肖四清和王维，双方矛盾争议的焦点主要是，肖四清认为王维一方违 反约定，没有实力；王维则表示，对方指控理由不成立，同时为掏出真金白银成为股东却 ...

Group 1 - ST Shengda announced the removal of risk warnings and the change of its stock name from "ST Shengda" to "Shengda Forestry" effective May 20 [1] - ST Shengda's main business has shifted from home products to natural gas liquefaction and urban gas operations after significant restructuring [1][2] - The company has resolved issues related to the misuse of funds by its former controlling shareholder and has no current major shareholder or actual controller [2] Group 2 - ST Shengda is pursuing litigation related to the illegal guarantees provided by Shengda Group and aims to recover losses [3] - *ST Mingjia announced that it met the conditions for the removal of delisting risk warnings, with an audited revenue of 117 million and a net asset of 96.44 million for 2024 [3] - Despite the removal of delisting risk warnings, *ST Mingjia will continue to face other risk warnings due to negative net profits in the last three accounting years [3]

在资本市场的浪潮里，飞马国际（002210）曾在重整后被寄予厚望，然而四年过去，现实却无比残酷，新增鼎入主后，非但未能扭转经营颓势，反而陷入 营收持续下滑、主业萎缩、转型受阻的泥潭。更令投资者担忧的是，大股东承诺的资产注入与业绩补偿迟迟未兑现，叠加应收账款高企、资金链紧张等问 题，公司原平项目已陷入停工烂尾状态，市场对其估值虚高的质疑声日渐高涨。 主业收入连年萎缩丧失造血能力转型前景迷茫 资金链危机带来连锁反应，飞马国际原平项目烂尾，进一步透支信用。据悉，因资金短缺，公司拟投资4亿元的原平项目已实质上停工，工地荒废，合作 方透露"拖欠工程款导致施工方撤离"。5月12日，公司披露原平项目进展公告表示，受宏观经济变化，特别是项目蒸汽销售最重要的使用客户生产经营陷 入困境等突发情况影响，公司决定先行暂缓该项目投资建设。该项目烂尾进一步加剧公司信用危机，多家金融机构已下调其评级。 大股东业绩补偿"泡汤" 资产注入承诺"跳票" 飞马国际实控人在2021年入主时曾高调承诺通过资产注入提升上市公司质量，并签订业绩补偿协议。根据公司最新披露的业绩承诺完成情况审核报告显 示，飞马国际2022 年-2024年归母净利润分别为88 ...

"这是及时雨！"现场参会的某科技企业负责人感慨。据介绍，其企业因行业竞争加剧、供应链成本激 增，叠加融资渠道收窄，已陷入应付账款逾期超千万元、核心团队流失的困境，而传统破产重整有着严 格的法定程序规范，如在法定时限内重整不成功，可能面临破产清算的不利后果，对此，企业有所顾 虑。另一方面，过去庭外重组缺乏规范的流程和有力的协调机制，导致企业在实际操作中面临诸多阻 碍。 上述典型折射出困境企业的生存痛点，也凸显出福田企业重组服务中心成立的重要意义。在深圳市委金 融办、深圳破产法庭的指导下，在福田区委区政府的领导下，福田企业重组服务中心应运而生，将致力 探索形成具有示范引领作用、可复制推广的企业重组服务经验。 南都讯 记者王睦广 如何帮助困境企业获得重生机会？5月16日，作为全国率先设立的覆盖企业和民营经 济人士的经济再生服务平台，福田企业重组服务中心正式启用，标志着深圳市福田区在优化营商环境、 推动经济高质量发展方面又迈出坚实一步。 "这个中心不是替代法院，而是搭建一个更灵活的前端平台，将企业和民营经济人士的债务危机的处置 节点从'病危抢救'前移至'亚健康干预'，推动市场化重组和司法重整通过功能互补形成分层治理体 ...

Core Viewpoint - La Chapelle has successfully entered the execution phase of its restructuring plan, approved by the Shanghai Third Intermediate People's Court, marking a significant step towards overcoming its financial difficulties and market challenges [1] Group 1: Restructuring Progress - In April 2023, La Chapelle's restructuring plan draft received high approval from creditors and investors, indicating strong support from various stakeholders [1] - The company officially entered the restructuring process in September 2023 and began recruiting restructuring investors [1] - In July 2024, La Chapelle signed a restructuring investment agreement with Hangzhou Guangsui Jin Investment Holding Co., Ltd. and Shanghai Dongfang Securities Innovation Investment Co., Ltd. [1] Group 2: Financial Support - Guangsui Jin Investment will provide 220 million yuan in restructuring investment to help La Chapelle repay debts [1] - Dongfang Innovation is expected to offer 199 million yuan in interest-free liquidity support to enhance the company's working capital [1] Group 3: Future Directions - The restructuring plan focuses on several key areas: executing the plan under management supervision, resolving historical debts, and enhancing profitability [2] - The company aims to divest inefficient assets, optimize its equity structure, and dispose of subsidiaries with no substantial business [2] - Strengthening core brand development and implementing tailored strategies for each brand are also priorities [2] - La Chapelle plans to enhance business control for sustainable development and improve its credit system to boost financing capabilities [2]

年 报 显 示 ， 截 至 2024 年 末 ， 张 家 界 资 产 负 债 率 高 达 86.12%，一年内到期的非流动负债较上年末增加22.83%， 占公司总资产比重上升6.49%，短债偿还压力巨大。 作者：叶心冉 封图：图虫创意 5月15日晚，ST张家界（000430.SZ）发布公告称，公司及子公司被湖南建工集团有限公司（下 称"湖南建工"）起诉至张家界市中级人民法院，涉诉金额高达3.86亿元。5月16日收盘，张家界股 价7.41元/股，跌幅3.39%，总市值30亿元。 2024年年报显示，张家界流动负债高达69.95亿元，流动资产仅有1.01亿元。五年累亏13.09亿元的 张家界已经于2024年10月启动预重整。 根据5月15日的公告，2016年6月，ST张家界、湖南建工与上海市政总院签订《建设项目工程总承 包合同》，约定由湖南建工负责张家界市南门口特色街区项目施工（即大庸古城项目），上海市政 总院负责设计，ST张家界授权大庸古城作为合同履行主体，案涉工程总工期1744天。湖南建工认 为，因被告与第三人的共同过错导致工期延误共计1070天，自身遭受重大损失，故而请求被告及 第三人承担相应赔偿责任。 2 ...

Core Viewpoint - Hong Jiu Fruit (06689.HK) is undergoing a restructuring process after several executives were subjected to criminal coercive measures, with the general manager Jiang Zongying authorized to handle the company's restructuring matters [1][4]. Group 1: Company Developments - Jiang Zongying, who was previously subjected to criminal coercive measures, has been authorized by the extraordinary general meeting to manage the company's restructuring [1][4]. - The extraordinary general meeting held on May 15 approved three resolutions, including the appointment of Chongqing Kunyu Hengtai Law Firm as the company's pre-restructuring assistance agency and the authorization for Jiang Zongying to handle restructuring matters [4][5]. - The company has faced significant challenges, with multiple board members, including the chairman and other directors, being subjected to criminal coercive measures related to investigations by the Chongqing Public Security Bureau for suspected loan fraud and/or issuing false VAT invoices [4][5]. Group 2: Shareholder Engagement - A natural person shareholder attempted to attend the extraordinary general meeting but had a heated argument with company staff due to not registering in advance, highlighting issues in shareholder communication [6][7]. - The company exhibited caution during the meeting, refusing to accept media interviews and limiting communication with shareholders [4][6].

本报记者 梁宝欣 深圳报道 5月11日晚间，*ST金科（000656.SZ）发布公告披露，重庆金科房地产开发有限公司（下称"重庆金 科"）召开的第二次债权人会议已表决通过重整计划。同时，重庆市第五中级人民法院分别于5月10日、 11日作出裁定，正式批准金科地产集团股份有限公司（下称"金科股份"）与重庆金科的重整计划，并依 法终止两家公司的重整程序。 5月11日消息，重庆金科第二次债权人会议通过重整计划，重庆市五中院同日裁定批准金科股份及重庆 金科重整计划并终止重整程序。 而金科股份通过本次重整，成功引入了战略投资者上海品器联合体、中国长城资产、四川发展证券基 金，形成了"优质资本+央企AMC+地方国企"的产业投资人组合。 5月12日，金科股份方面向《华夏时报》记者表示，产业投资人将成为新金科的控股股东，金科股份将 依法产生新一届董事会，金科股份将以此次重整为契机，进一步完善现代企业制度，优化法人治理结 构，提升决策的科学性和透明度。公司将强化内部控制和风险管理体系建设，提高经营管理效率，并可 能引入市场化的激励约束机制。 "对于房地产行业，在当前行业深度调整的背景下，金科股份作为全国首个大型千亿级房企率先通过 ...

Core Viewpoint - ST Zhangjiajie is facing a lawsuit from Hunan Construction Group for a total amount of 386 million yuan, which is part of ongoing financial difficulties and restructuring efforts [1][2][3] Group 1: Legal Issues - Hunan Construction Group filed a lawsuit against ST Zhangjiajie and its subsidiary, Duyong Ancient City Development Co., claiming damages due to project delays [1][2] - The lawsuit involves a construction contract for the Duyong Ancient City project, with claims of significant losses due to delays attributed to both ST Zhangjiajie and a third-party design firm [2][3] - The total amount claimed in the lawsuit is 386 million yuan, with additional claims for priority repayment rights and joint liability for debts [3] Group 2: Financial Performance - ST Zhangjiajie reported a net loss of 582 million yuan in 2024, marking the largest loss since its listing, primarily due to the underperformance of Duyong Ancient City [4][5] - The company has experienced continuous losses since 2020, with cumulative losses increasing each year, totaling 2.39 billion yuan in 2023 [5] - As of the first quarter of 2025, ST Zhangjiajie had total assets of 2.1 billion yuan and total liabilities of 1.82 billion yuan, resulting in a debt-to-asset ratio of 87.55% [5] Group 3: Restructuring Efforts - The company is currently undergoing a pre-restructuring process, which has been extended until July 16, 2025, to facilitate potential recovery [4] - A total of 47 potential investors have expressed interest in the restructuring process, with 45 submitting investment proposals [5] - The company aims to leverage new investments to revitalize its tourism assets and improve operational capabilities, focusing on sustainable development [5]

债务重组是化解企业债务风险、优化资源配置的核心机制，在 宏观经济转型与产业结构调整中发挥关键作用。从事债务重组 相关工作的律师，常把自己的角色比作企业医生。 作者：李晓丹 封图：图片资料室 4月17日晚间，某房地产企业发布公告，宣布总规模约95.5亿美元的境外债务重组获得重大进展， 同时披露实施"强制性债转股"重组方案。该公司在2023年11月完成首次境外债重组，16个月后将 二次重组的方案摆上谈判桌，而这次谋求的是"彻底化解公司境外债务风险"。 这家企业的境外债务重组仅仅是在复杂的经济环境中，房地产行业探索债务重组的一个缩影。当前 中国经济已进入新旧动能、新旧产业、新旧模式转化的关键过渡期，市场发展的主旋律从"高速扩 张"变为"做优增量和盘活存量"并举。在此背景下，债务重组成为当前阶段各市场主体深化结构调 整必要而关键的手段和工具。金杜律师事务所债务重组团队近日发布的《2024年度债务重组市场 观察报告》（以下简称《报告》）就指出，房地产行业的"减速增质"恰恰揭示了当前中国经济的深 层次变化——债务重组正在从风险处置的"最后防线"，升级为资源配置的核心枢纽。 根据2025年最高人民法院工作报告，2024年全 ...