（来源：吴说） 吴说获悉，Blockchain Recovery Investment Consortium（BRIC）宣布与 Tether 达成 2.995 亿美元和解协 议，用于向 Celsius Network 的破产财产（bankruptcy estate）支付款项。该协议源于 BRIC 于 2024 年 8 月在美国纽约南区破产法院提起的一项对抗性诉讼（adversary proceeding），指控 Tether 在 Celsius 于 2022 年申请破产前，通过转移与清算抵押资产，违反破产法及相关法定义务。 来源：市场资讯 ...

Core Points - Beijing Tianhai Low Temperature Equipment Co., Ltd. (Tianhai Low Temperature), a subsidiary of Jingcheng Shares (600860), is facing bankruptcy proceedings initiated by creditor Beijing Langhui Technology Co., Ltd. due to inability to repay debts totaling RMB 450,500 [1] - Tianhai Low Temperature has a registered capital of RMB 40 million and reported a revenue of RMB 31.7868 million with a net loss of RMB 33.229 million for 2024 [1] - Jingcheng Shares holds a 75% stake in Tianhai Low Temperature through its wholly-owned subsidiary, and if bankruptcy is confirmed, Tianhai will no longer be included in Jingcheng's consolidated financial statements [2] Financial Performance - In the first half of 2025, Jingcheng Shares reported a revenue of RMB 680 million, a year-on-year decrease of 9.14%, and a net loss of RMB 15.7557 million compared to a loss of RMB 3.3749 million in the same period last year [3] - The increase in net loss is attributed to pressures in the gas storage and transportation sector due to international trade frictions, leading to a decline in sales and profits [3] - Despite some business segments showing growth, intensified market competition and increased investment in R&D have impacted overall profitability [3]

Core Viewpoint - The company *ST Tianyu (300205.SZ) has announced that its controlling shareholder, Wuhan Tongyu Investment Partnership (Limited Partnership), has filed for bankruptcy liquidation due to severe financial difficulties and inability to repay debts [1][1][1] Group 1: Bankruptcy Filing - The controlling shareholder, Wuhan Tongyu, submitted a bankruptcy liquidation application to the Wuhan Intermediate People's Court on October 11, 2025 [1] - The application states that Wuhan Tongyu's assets are insufficient to cover all due debts, indicating a significant lack of repayment capability [1][1] - The court is currently reviewing the bankruptcy application, and there is uncertainty regarding whether the case will proceed to bankruptcy liquidation [1][1][1] Group 2: Potential Impacts - If Wuhan Tongyu enters bankruptcy liquidation, it may affect the equity structure and control of the listed company *ST Tianyu [1][1]

Core Viewpoint - Hainan Development (002163) announced on October 8 that its subsidiary, Haikong Sanxin (Bengbu) New Energy Materials Co., Ltd. (referred to as "Haikong Sanxin"), is facing continuous losses and has become insolvent, leading the board to approve an application for bankruptcy liquidation [1][4]. Group 1: Company Performance - Haikong Sanxin has been experiencing ongoing losses since 2022 due to excessive competition and declining prices in the photovoltaic glass industry [4]. - The company's revenue for 2024 and the first half of 2025 was reported at 741 million and 192 million respectively, with net profits of -376 million and -195 million [4]. - As of September 30, 2025, Haikong Sanxin had outstanding loans totaling 55 million, with 45 million overdue since June 12, 2025 [4][5]. Group 2: Financial Obligations - Hainan Development has provided guarantees for Haikong Sanxin's external financing, with a total guarantee contract principal balance of 369 million, and a remaining principal balance of 283 million [5]. - The company has already paid 38.66 million in bank debts on behalf of Haikong Sanxin and 25.56 million in employee compensation [5]. - Haikong Sanxin is also reported to owe approximately 100 million to external suppliers as of September 30, 2025 [5]. Group 3: Future Outlook - Haikong Sanxin plans to cease operations by the end of September 2025 to mitigate further losses [4]. - The bankruptcy liquidation process is pending court acceptance, making it difficult to estimate the recoverable amounts for Hainan Development and its subsidiary [5].

Core Points - Hainan Development (002163.SZ) announced that its subsidiary, Haikong Sanxin, is experiencing ongoing losses due to external market conditions and has reached a state of insolvency, unable to meet its due debts [1] - The company's board has decided to apply for bankruptcy liquidation for Haikong Sanxin, either as a creditor or as a debtor, in accordance with the relevant provisions of the Enterprise Bankruptcy Law of the People's Republic of China [1] Financial Performance - Haikong Sanxin's operational performance has been continuously in a loss state, leading to its current financial distress [1] - The company has acknowledged that it is in a situation of asset-liability imbalance, indicating a critical financial position [1]

Core Viewpoint - The company is facing significant challenges due to the bankruptcy proceedings of its wholly-owned subsidiary, MCM in Italy, which has been struggling with continuous losses and liquidity issues [2][3][5]. Group 1: Bankruptcy Proceedings - MCM has initiated the C.N.C procedure under Italian law, aiming for a negotiated settlement before formal court proceedings [2][3]. - A preliminary hearing is scheduled for October 14, 2025, where the court will assess the temporary bankruptcy protection measures based on expert reports [2][3]. - The company has indicated that the final outcome of the bankruptcy process and potential losses remain uncertain and will depend on future court decisions [4]. Group 2: Financial Performance - MCM has reported a net loss of approximately 117 million yuan in the first half of 2025, significantly impacting the parent company's performance, which also recorded a net loss of 221 million yuan during the same period [6]. - The company has faced rising costs due to various factors, including raw materials, labor, and energy prices, leading to an increasingly severe operational situation [6]. - Another subsidiary, Airwork, is also experiencing ongoing losses, with a net loss of about 117 million yuan in the first half of 2025 [6]. Group 3: Strategic Response - In response to the challenges posed by MCM and Airwork, the company plans to focus on high-end equipment manufacturing and may consider divesting weaker business segments to optimize resource allocation [7].

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].

Core Viewpoint - The company, Lingda Group Co., Ltd., is currently facing significant financial distress, with a high risk of bankruptcy and potential delisting from the Shenzhen Stock Exchange due to ongoing restructuring efforts and uncertainties surrounding its financial obligations [1][2][3]. Group 1: Restructuring Process - The company has been subjected to a risk warning for delisting and is currently undergoing a pre-restructuring process initiated by the Liu'an Intermediate People's Court, following an application by creditor Jinzai Huijin Investment Co., Ltd. due to the company's inability to repay debts [1][2]. - The court has appointed a temporary management team to oversee the pre-restructuring phase, which aims to assess the company's restructuring value and feasibility while minimizing costs [2]. - A public recruitment for restructuring investors was conducted, with four interested parties submitting applications, leading to the selection of a consortium formed by Zhejiang Zhongling Technology Co., Ltd. and Hefei Weidi Semiconductor Materials Co., Ltd. as the restructuring investors [3]. Group 2: Financial Obligations and Risks - The company has signed a restructuring investment agreement with the selected investors, but there are risks associated with the fulfillment of financial obligations, including potential failure to secure necessary funding [5][6]. - The company has been actively disclosing updates regarding the restructuring process and the associated uncertainties, including the possibility of its stock facing additional delisting risk if the restructuring is not successful [6][7]. - The company emphasizes the importance of adhering to regulatory requirements for information disclosure and urges investors to remain cautious regarding the inherent risks in the secondary market [8].

Core Viewpoint - The well-known home furnishing chain brand, Liang Jia Ju, has confirmed the death of its founder, Zeng Yuzhou, and has apologized for the significant impact caused by recent major changes within the company [2][4]. Group 1: Company Situation - Liang Jia Ju has faced severe operational difficulties, leading to its inability to continue operations, which was officially announced in a notice stating that the company is insolvent and unable to pay its debts [7]. - The company has established a working group to initiate online and offline debt registration and will regularly disclose progress on debt and asset clarification through official channels [4]. - The death of Zeng Yuzhou is closely linked to the company's long-standing operational struggles, as he reportedly felt remorse for not being able to save the company from the industry's downward trend [4][5]. Group 2: Impact on Stakeholders - Following the announcement of the company's closure, numerous affected parties have visited Liang Jia Ju stores to seek redress, indicating a significant backlash from creditors and customers [7]. - Reports suggest that the sudden nature of the closure and the founder's death has led to confusion and distress among employees and stakeholders, with some opting to report the situation to authorities [7][5].

Core Viewpoint - The article discusses the bankruptcy proceedings of Evergrande Real Estate Group's Guangdong subsidiary, indicating a significant development in the company's financial distress and the broader implications for its creditors and the real estate industry in China [3][6]. Group 1: Bankruptcy Proceedings - On August 20, 2025, the Guangzhou Intermediate People's Court accepted the bankruptcy liquidation case of Evergrande Real Estate Group Guangdong Co., Ltd., appointing a liquidation team to manage the company [3]. - Creditors are required to declare their claims to the appointed manager by November 20, 2025, marking the formal entry of the company into bankruptcy proceedings [3]. - The Guangdong subsidiary has no independently developed real estate projects and is part of a larger trend where numerous "Evergrande system" companies have entered bankruptcy, including Kailong Real Estate, which declared bankruptcy in late May 2025 [3]. Group 2: Stock Market Implications - On August 12, 2025, China Evergrande announced that it received a letter from the Hong Kong Stock Exchange indicating that it failed to meet the requirements for resuming trading, leading to the decision to cancel its listing status [4]. - The last trading day for the shares was August 22, 2025, with the cancellation of the listing status effective from August 25, 2025 [5]. - The company has no intention to appeal the decision, and after the last trading date, shares will remain valid but will not be tradable on the Hong Kong Stock Exchange [6]. Group 3: Legal and Financial Context - Legal experts noted that the Guangdong subsidiary is heavily indebted with numerous enforcement cases and lacks assets for execution, making bankruptcy a necessary outcome [6]. - The bankruptcy process will involve asset investigation, claim verification, litigation responses, and financial audits, ensuring fair compensation for all creditors through creditor meetings [7]. - In 2024, over 31,000 bankruptcy cases were accepted by courts nationwide, with approximately 29,000 cases concluded, highlighting the prevalence of bankruptcy proceedings in the current economic climate [6].