12月16日，*ST金科（000656）股价开盘大幅拉升，最终封于涨停，最新股价报1.55元/股，市值164.8亿 元。12月12日、12月15日、12月16日，该个股股价已连续三个交易日持续上涨，累计涨幅6.16%。 12月15日晚间，*ST金科发布《关于公司及控股子公司重整计划执行完毕的公告》。公告称，经管理人 监督报告及律师事务所法律意见书确认，公司及控股子公司重庆金科房地产开发有限公司（以下简 称"重庆金科"）重整计划均已执行完毕。 回顾重整历程，2024年4月份，*ST金科及重庆金科的重整申请被重庆市第五中级人民法院正式裁定受 理。如今，重整计划执行完毕，标志着公司成为全国首家通过司法重整实现风险化解的上市房企，步入 发展新阶段。 根据公司发布的《金科地产集团股份有限公司重整计划》执行情况的监督报告，重整投资人共计26.28 亿元投资款已全额支付到位。 *ST金科在公告中披露，公司及重庆金科的司法重整工作得到了重庆市委、市政府高度重视，专门成立 金科工作专班，会同法院、监管部门对公司进行了必要的、持续的、系统性的督促和指导。在重整程序 中，公司及重庆金科通过引入重整投资人、实施出资人权益调整、争取债 ...

12月15日晚间，金科股份发布《关于公司及控股子公司重整计划执行完毕的公告》。公告称，经管理人 监督报告及律师事务所法律意见书确认，公司及重庆金科重整计划均已执行完毕，重整工作终于画上圆 满句号。这标志着金科股份成为全国首家通过司法重整实现风险化解的"千亿级"上市房企。 根据重整计划，重整投资人共计26.28亿元投资款已全额支付到位；破产费用、职工债权及普通债权对 应的清偿资金均已支付或完成专项预留；通过资本公积转增的约52.94亿股股票已转增并划转至指定账 户；破产服务信托合同、资产管理协议已正式签署并生效。后续，公司将持续推进偿债资源分配等收尾 工作，确保债权人公平受偿。 历时两年半完成重整 金科股份的重整之路可追溯至2023年5月，彼时公司提出了主动向法院申请重整及预重组的设想。 但直到2024年2月，金科股份才正式向法院申请重整，两个月后被重庆市第五中级人民法院（以下简称 重庆市五中院）裁定受理。 5月11日，重庆金科第二次债权人会议表决通过草案。同时，重庆市五中院裁定批准金科股份及重庆金 科的重整计划并终止重整程序，正式进入执行环节。 如今，经过7个月的执行，金科股份重整计划顺利完成。 事实上，对陷 ...

历时两年半，全国首家大型上市房企司法重整案顺利完成。 12月15日晚间，金科股份发布《关于公司及控股子公司重整计划执行完毕的公告》。公告称，经管理人 监督报告及律师事务所法律意见书确认，公司及重庆金科重整计划均已执行完毕，重整工作终于画上圆 满句号。这标志着金科股份成为全国首家通过司法重整实现风险化解的千亿级上市房企。 据了解，根据重整计划，重整投资人共计26.28亿元的投资款已全额支付到位；破产费用、职工债权及 普通债权对应的清偿资金均已支付或完成专项预留；通过资本公积转增的约52.94亿股股票已转增并划 转至指定账户；破产服务信托合同、资产管理协议已正式签署并生效。后续，公司将持续推进偿债资源 分配等收尾工作，确保债权人公平受偿。 通过"司法重整+战投赋能+业务转型"的创新模式，金科在保障8400余家债权人权益的同时，还为行业 风险化解与金融稳定提供了一个具有里程碑意义的范本。 风险化解履责担当，开创多方共赢新格局 对社会与行业而言，金科重整成功证明了通过市场化、法治化纾困的可行性，为困境企业提供了可复制 的完整操作范本，对稳定市场预期、推动行业探索发展新模式起到了示范作用。 对金科自身而言，重整是一次根 ...

每经编辑｜许绍航 法国知名家电制造商白朗集团（Brandt）于当地时间12月11日被法院正式宣布进入司法清算程序。 据法国媒体报道，本次裁决由法国楠泰尔经济法庭作出。这意味着这家拥有百年历史、曾被视为"法国工业象征"之一的企业将停止运营，约700名员工面 临失业风险。 消息对外公布后，法国经济与财政部随即对这家企业遭司法清算表示"悲痛"。法国中央-卢瓦尔河谷大区议会主席博诺称这一决定对法国工业来说是"沉痛 打击"。 当天，博诺前往奥尔良附近的工厂看望员工。在白朗集团位于旺多姆的另一家工厂外，数名工人以焚烧行政文件的方式与集团告别。一名员工表示，有关 决定令人震惊。我们已经尽力，但仍无力挽回。 资料显示，Brandt白朗始于1902年，拥有100多年的品牌历史，于1946年进入家电市场。白朗中国官网显示，截至2020年，公司是法国第一大家电制造 商，也是欧洲第四大高端家电品牌，同时还是法国境内为数不多仍保留生产线的大型家电厂商。 图源：Brandt白朗中国官网 白朗集团旗下拥有白朗（Brandt）、维德特（Vedette）、绍特（Sauter）和德迪特里希（De Dietrich）等品牌，合作版图覆盖法国6台、 ...

历经数月的磋商与博弈，老牌重卡企业上汽红岩汽车有限公司（下称"上汽红岩"）的司法重整之路迎来决定性进展。该公司于12月10日宣布，其《重整计 划草案》已在各债权人组别中获得高票通过，正式达到法定通过条件。这标志着由上海汽车工业集团与重庆地方国资主导的拯救方案，获得了核心利益相 关方的广泛认同，为企业卸下历史债务包袱、实现"轻装上阵"扫清了最关键的一道障碍。 高票通过，共识凝聚 根据上汽红岩管理人的公告，本次表决结果远超法律规定的通过标准。具体而言，有财产担保债权组的同意率达到100%，普通债权组无论是同意人数占 比（90.2%）还是同意债权金额占比（均超过80%），均展现出极高的支持度。 此次重整的核心驱动力，来自于一场规模达30亿元的"国资联合投资"。根据2025年10月24日签署的协议，由上海汽车工业集团、重庆两江新区产业发展集 团有限公司等四家机构组成的联合体，将出资30亿元，取得重整后上汽红岩66%的控股权。剩余34%的股权则由债权人通过"以股抵债"的方式持有。 这一股权安排，标志着上汽红岩将正式进入一个由上海国资牵头、重庆国资协同的混合所有制新阶段。新架构旨在融合股东方的资本、产业与地域资源优 势， ...

Core Viewpoint - The article discusses the successful restructuring of Shenyang Machine Tool Co., highlighting the role of China International Capital Corporation (CICC) in facilitating the judicial reorganization process, which alleviated nearly 50 billion yuan of debt and attracted strategic investors [3][4][17]. Group 1: Background and Challenges - Shenyang Machine Tool, established in the 1930s, faced severe financial difficulties by 2019, including high debt ratios and operational challenges, leading to its judicial reorganization [2][3]. - The company was once a leader in the machine tool industry, achieving 18 billion yuan in revenue in 2011, but fell into continuous losses post-2015, prompting government intervention [6][11]. Group 2: Restructuring Process - CICC was appointed as the financial advisor for the restructuring project, opting for judicial reorganization over a negotiated agreement to effectively manage the debt [7][8]. - The restructuring involved a layered approach, addressing 12 legal entities and utilizing various methods such as cash settlements, debt extensions, and debt-to-equity swaps, achieving a 94% approval rate for the restructuring plan [8][12]. Group 3: Post-Reorganization Developments - Following the restructuring, strategic investor China General Technology Group injected substantial capital to restore production and improve financial health, focusing on upgrading products and operations [11][12]. - The company has since shifted towards high-end machine tools, implementing smart manufacturing technologies that significantly enhance operational efficiency [13][17]. Group 4: Broader Impact and Future Plans - CICC has facilitated over 800 billion yuan in funding for distressed enterprises in Northeast China, preserving approximately 65,000 jobs and restructuring debts totaling 800 billion yuan [17]. - The company aims to replicate the successful restructuring model across various industries in the region, establishing a strong presence and support system for local enterprises [17].

Core Viewpoint - The article discusses the restructuring of Shenyang Machine Tool Co., which faced significant financial difficulties, including a debt burden of nearly 50 billion yuan, and how it successfully navigated through judicial reorganization with the help of China International Capital Corporation (CICC) and strategic investor China General Technology Group [2][3][5]. Group 1: Company Background and Challenges - Shenyang Machine Tool, established in the 1930s, has a rich history in the machine tool industry, producing significant machinery for China [2]. - By 2011, the company achieved revenues of 18 billion yuan, becoming a leader in the global machine tool industry, but faced continuous losses and a debt crisis after 2015 [5]. - In 2019, the company entered judicial reorganization due to high debt ratios, lack of operating funds, and increasing risks of debt defaults [2][5]. Group 2: Restructuring Process - CICC was appointed as the financial advisor to assist in selecting the optimal restructuring plan and attracting strategic investors [2][6]. - The restructuring involved a judicial process that allowed for systematic debt restructuring and reduced burdens for the acquiring party, China General Technology Group [6][8]. - The restructuring plan was approved with a 94% average approval rate, ensuring the interests of creditors were protected [8]. Group 3: Strategic Investment and Operational Changes - After the restructuring, China General Technology Group injected billions into Shenyang Machine Tool to restore production and repay debts [10]. - The company underwent significant operational changes, including the separation of non-core assets and the implementation of performance-based compensation for employees [10][12]. - The introduction of smart manufacturing technologies has significantly improved operational efficiency, allowing fewer workers to manage more machines [12]. Group 4: Broader Implications and Future Outlook - CICC has been involved in multiple restructuring projects in Northeast China, helping to introduce over 80 billion yuan in new funds and safeguard 65,000 local jobs [15]. - The successful restructuring of Shenyang Machine Tool serves as a model for other distressed enterprises in the region, with CICC planning to replicate this approach in future projects [15][16].

Group 1 - The company announced the approval of a proposal regarding the disposal of external debts by its wholly-owned subsidiary, Beijing Tongfang Jizhao Technology Co., Ltd. [1] - The subsidiary has a remaining debt of 117.6444 million yuan owed by China Broadcasting Transmission Group Co., Ltd., which has been unable to repay its debts and is undergoing judicial reorganization [1][2] - The subsidiary has filed claims totaling 218.1941 million yuan, including the principal and overdue interest, in the reorganization process [1][2] Group 2 - The reorganization plan proposes that creditors with debts below 1 million yuan will receive 50% cash repayment, while those with debts above 1 million yuan will receive 5% cash and approximately 40% in equity of the reorganized entity [2] - The expected recovery amount for the subsidiary is approximately 98.2373 million yuan, with 11.3597 million yuan in cash and 86.8776 million yuan in equity, representing about 4.57% of the reorganized entity's shares [2] Group 3 - The successful implementation of the reorganization plan is expected to yield a debt restructuring gain of approximately 94.3919 million yuan for the company in 2025 [5] - The financial impact of the transaction will depend on the final court ruling and the annual audit results [5] - The company aims to minimize negative impacts on shareholders and avoid further losses due to the debtor's bankruptcy liquidation [5]

2025 年 11 月 14 日， 上汽红岩汽车有限公司（以下简称"上汽红岩"或"公司"）重整第二次债权人会议以网络在线方式，在重庆市第 五中级人民法院顺利召开。此次会议的圆满举行，标志着上汽红岩司法重整工作已进入"最后的冲刺"阶段，距离法院裁定批准仅一步之 遥环节，为企业迈向可持续、高质量发展奠定了坚实基础。 扫码加入行业交流群 第一商用车网的读者朋友们可以通过左侧二 维码,进入第一商用车网读者交流群 我们将为您提供专业的行业资讯及咨询服务 此次会议不仅是程序推进的重要环节，更是凝聚共识、增强信心的关键平台。会议通报了前一阶段重整工作的积极成果，展现了各方在 法院监督指导下，协同推进企业纾困与再生所付出的努力。通过系统梳理债权，保障了全体债权人基本权益的同时，稳步推进资产保全 与经营延续，重整基础不断夯实，为后续发展创造了有利条件。 本次会议审议的《重整计划草案》，凝聚了多方智慧，围绕"权益重组、债务重组、经营重组"三位一体 系统规划了企业新生的路径。草 案旨在通过科学合理的安排，实现各方利益的合理平衡，推动企业尽快回归健康经营轨道。未来，上汽红岩将依托战略投资人的资源优 势，全面优化公司治理、提升运营效率 ...

Core Viewpoint - *ST Dongyi's stock price has surged significantly, but the company's future remains uncertain due to severe operational difficulties and impending delisting risks [1][3][8]. Financial Performance - From 2022 to 2024, *ST Dongyi incurred a total loss of 2.13 billion yuan, with revenues of 2.524 billion yuan, 2.934 billion yuan, and 1.296 billion yuan, reflecting year-on-year changes of -41.18%, +16.26%, and -55.84% respectively [6]. - In the first three quarters of 2025, the company reported revenues of 544 million yuan, a year-on-year decline of 52.02%, and a net loss of 58 million yuan [7]. - As of September 30, 2025, the company's debt-to-asset ratio reached 172.40%, indicating severe insolvency [7]. Stock Price Movement - Since signing a restructuring investment agreement on September 26, 2025, *ST Dongyi's stock price has increased by 241.59%, with nine instances of abnormal fluctuations [1][3]. - The stock experienced 23 limit-up days out of 28 trading days from September 29 to November 13, 2025, with a total trading volume of 7.364 million hands and a turnover of 7.297 billion yuan [3]. Restructuring and Investment - The company is undergoing a restructuring process, with Beijing Huazhu Technology Co., Ltd. as the proposed investor, planning to inject computing power assets [1][11]. - However, the quality of the assets to be injected by Huazhu Technology is questioned, as the company has a debt-to-asset ratio of 97.93% and a net profit of only 5.21 million yuan in 2024 [11]. Future Outlook - The company faces a delisting risk if it fails to complete the restructuring process by December 31, 2025, and has not yet received court approval for the restructuring [8][10]. - Even if the restructuring is completed, uncertainties remain regarding the future profitability and operational synergy of the injected computing power business [12].