而在实际操作中，破产重整涉及程序推进、利益平衡等诸多复杂难题，操作难度可不小，所以我们为大 家梳理了 部分关键实务要点 ： 前段时间，证监会发布了 破产重整的专门指引《上市公司监管指引第11号》 ，从披露内容到操作流 程，对每一环都进行了明确要求，规则越来越严。现在企业想靠破产重整"起死回生"比以前更考验专业 度，每个步骤都得合规到位。 01、、 破产主体关联公司，如果丧失财务独立性（整体运用，资金收支统一运用），可开展合并重 整，再召开重整听证会，听取各方意见后裁定。进入破产清算程序后，如果停产会影响资产价值， 可考虑第三方托管。 02、、 重整、重组托管可以并行，如果小额债权人数量多、清偿率低、利益受损大、对立情绪大， 可设立小额债权组，提高其偿付比例。 03、、 清算组聘请中介机构及业务专家，保证资产保值增值，引入合适的战略投资者，保障重整计 划得以实施。实施现金+应收款的选择模式，灵活处理债务问题。 04、、 多家关联公司破产，可通过竞争方式指定联合管理人；基于体量大难以通过重整方式招募投 资人，但有完整产能及技术支撑的，可通过产业转型、招商引资模式解决，即"破产不停产，政府 支持，招商引资"； 对于 ...

有没有小伙伴和我一样总是担心保险公司的安全性？会不会担心保险公司破产的话自己的保单就变废纸了？前面我们说过了人寿保险公司的安全性——我为 什么相信了保险？ 除了寿险公司外，市面上还有很多保险产品是来自健康保险公司的。当然还有财产险公司，我们今天只谈人身保险，大白话说就是保人的。那么健康险公司 的安全性又怎么样呢？今天我们就来聊一聊出自健康险公司的保险产品，毕竟关系到我们辛辛苦苦攒的钱会不会打水漂。 下面我们就来聊聊健康险公司与寿险公司的保险产品在保障范围、购买条件、破产机制方面存在区别，但二者在安全性上差异不大，都受保险法约束，不管 是寿险公司还是健康险公司破产后保单通常不会失效。以下是具体说明： 保障范围：健康险公司注重于提供与个人健康相关的保险产品，如医疗险、疾病险、失能收入损失保险和护理保险等，提供包括住院、手术、门诊等医疗费 用的报销，以及重大疾病的保障，而不销售寿险产品。而人寿保险公司则可以销售包括寿险、年金险、储蓄险、重疾险和意外险等在内的多种人身保险产 品。可以看到二者销售的产品是有交叉的，做生意嘛，都想让自己的货摊上摆的种类越多越好呀，因此在中国寿险公司也被允许经营一些健康类保险业务。 但具体 ...

Core Insights - Wolfspeed's stock experienced significant volatility, with a 12.3% increase from the previous week's close despite a sell-off in the latter half of the week [1] - The appointment of Gregor van Issum as the new CFO led to a substantial rally, with the stock more than doubling on Monday and Tuesday before a pullback occurred [2][4] - The company is undergoing Chapter 11 bankruptcy proceedings, and van Issum's expertise is expected to be crucial in navigating this process [4] Stock Performance - The stock saw a notable surge at the beginning of the week, attributed to the CFO announcement, but this was followed by a significant correction later [5] - Despite the volatility, the stock ended the week in positive territory, indicating resilience amidst the turmoil [5] Future Outlook - Investing in Wolfspeed at this stage is considered highly risky due to the ongoing bankruptcy process, which may lead to delisting from the NYSE and a shift to OTC markets [6] - Current shareholders are projected to receive only 3% to 5% of the value of the new corporate entity post-restructuring [6]

Top 1 梧桐学霸会员两年卡 日常价¥6599 2年卡 最后1天: 工 73300 ¥37.99 共有17.3万字、342页、11大章 节,把并购全流程讲得很清楚。 这次活动太划算了，2年卡性价比 很高，买了之后可以学很久。 比一年一年续费更便宜,随时可 以学课、下课件，有问题也可以 问老师，对工作很有帮助。 6月19日-26日 扫码下单立享5折 两年卡仅需¥3299 Top 2 《企业并购重组实操手册》 企业出版音原 目标别注册99 最后1天： ¥99.5 内容是从交易双方、中介机构的 视角出发的,有100多个案例,让 我们能更好地理解各方诉求。 6月19日-26日 扫码下单仅需¥99.5 错过再等一年 Top 3 《中国企业出海指南》 日常价¥199 最后1天: ¥99.5 不用再纠结学哪门课了,可以一 次性把想学的学个够! 日常价¥1499 季卡 最后1天: 工 版500 ¥9999 Top 4 梧桐学霸会员季卡 6月19日-26日 扫码下单仅需¥99.5 错过再等一年 拿在手里很有分量，内容既有政 策应用，也有案例实操，很全面 地梳理了企业出海的重点事项。 2025年最新上架，共有15.5万 字、3 ...

Company Restructuring Overview - Tianbang Food Co., Ltd. has signed a "Restructuring Investment Agreement" with several financial investors as part of its pre-restructuring process [1][3] - The company is currently undergoing pre-restructuring, with the court's acceptance of its restructuring application still uncertain [1][2] - The restructuring process aims to improve the company's asset-liability structure and promote sustainable development [1][2] Financial Investor Details - A total of 5 industrial investors and 2 financial investors have submitted formal application materials for the restructuring investment [2][3] - The financial investors include China Foreign Economic and Trade Trust Co., Ltd., Tianjin Meina Enterprise Management Partnership (Limited Partnership), Shanghai Yonglitong Private Fund Management Co., Ltd., Jiangsu Shuangyu Investment Co., Ltd., Hubei Huachu Guoke No. 12 Investment Partnership (Limited Partnership), Hainan Luhe Private Fund Management Co., Ltd., Shenzhen Xinrui Enterprise Management Co., Ltd., and Shenzhen Yusheng Fude Private Securities Investment Fund Management Co., Ltd. [3][4] Investment Agreement Highlights - The investment agreements with financial investors outline the purpose of providing funds to support the company's operational recovery and protect the interests of creditors, shareholders, and employees [33][37] - The agreements specify the number of shares to be acquired by each investor, with a share price set at 2.1 yuan per share [33][37] - The total investment amount required from the financial investors is 54.6 million yuan, which will be used for bankruptcy expenses, common debts, and repayment of various bankruptcy claims [34][35] Financial Data of Investors - China Foreign Economic and Trade Trust Co., Ltd. reported total assets of 1,647.43 million yuan and net assets of 1,544.18 million yuan [6] - Tianjin Meina Enterprise Management Partnership (Limited Partnership) has a registered capital of 11 million yuan and is primarily focused on restructuring investments [10][12] - Shanghai Yonglitong Private Fund Management Co., Ltd. has total assets of 203.70 million yuan and a net asset deficit of 434.26 million yuan [14][15] - Jiangsu Shuangyu Investment Co., Ltd. reported total assets of 28,208.74 million yuan and net assets of 22,487.02 million yuan [18][19] - Hubei Huachu Guoke No. 12 Investment Partnership (Limited Partnership) has minimal financial data available, indicating a nascent stage of operations [20][22] - Hainan Luhe Private Fund Management Co., Ltd. reported total assets of 1,250.5 million yuan and net assets of 1,190.1 million yuan [24][25] - Shenzhen Xinrui Enterprise Management Co., Ltd. has total assets of 20,512.14 million yuan and net assets of 3,384.41 million yuan [27][29] - Shenzhen Yusheng Fude Private Securities Investment Fund Management Co., Ltd. has total assets of 1,006.33 million yuan and a net asset deficit of 733.99 million yuan [31][32]

Core Viewpoint - The article discusses the recent regulatory changes by the China Securities Regulatory Commission regarding bankruptcy reorganization, emphasizing the increased complexity and requirements for companies seeking to revive through this process. Group 1: Key Practical Points of Bankruptcy Reorganization - If a bankrupt entity has lost financial independence due to the unified management of funds, it can undergo consolidated reorganization, followed by a hearing to gather opinions before a ruling [1] - Reorganization and restructuring can proceed simultaneously; if there are many small creditors with low repayment rates, a small creditor group can be established to improve their repayment ratio [1] - The liquidation team should hire intermediaries and experts to ensure asset preservation and value increase, introducing suitable strategic investors to implement the reorganization plan [1] - In cases of multiple related companies in bankruptcy, a competitive method can be used to appoint a joint administrator; for large entities with complete capacity and technical support, industry transformation and investment attraction can be employed [1][2] Group 2: Conditions and Strategies for Reorganization - The conditions for consolidated reorganization include a high degree of confusion among related enterprises' personalities and assets, making it difficult to distinguish between them without harming creditor interests [2] - For projects unsuitable for consolidated reorganization, a "bottom-up" reorganization order can be established, allowing subsidiaries to complete reorganization first, ensuring that lower-tier companies can repay internal loans to upper-tier companies [2] Group 3: Improving Reorganization Success Rates - The pre-reorganization model can enhance the success rate and efficiency of reorganization by incorporating assets and increasing shares to repay debts, thereby improving debt repayment rates and acceptance of the reorganization plan [3] Group 4: Challenges Faced by Companies - The average proportion of current liabilities for private listed companies reached 67% in 2023, significantly higher than the 48% for state-owned enterprises, indicating a reliance on short-term debt financing [7] - Among private enterprises entering reorganization from 2022 to 2024, 62% faced "short-term loans for long-term investments" issues, and 38% involved major shareholder fund occupation, with a secondary reorganization rate of 29% [8] Group 5: State-Owned Enterprises and Reorganization - The proportion of state-owned enterprise reorganization cases increased from 9% in 2022 to 15% in 2024, reflecting significant structural changes in ownership [9] - Supply-side reforms have led to successful transformations, such as a provincial steel group replacing outdated capacity with special steel production lines, improving profit margins [9]

以下文章来源于旅界 ，作者theodore熙少 旅界 . 跟踪时代浪潮，讲述文旅商业好故事。 最近，青海省旅游投资集团股份有限公司及其下属公司一起宣告破产在业内引起相当大程度的关注。 昨天，我刚把青海旅投的《法院公告》发给青海一家当地平台公司上班的朋友看，他立马就炸了： "旅投整个下属都破产了？这可是省属一级的大公司， 怎么连合并重组都没有，直接宣布4.8亿注册资本'清空'？" 不过下一秒他又叹了口气： "其实也不稀奇，青海做旅游不行，省旅投名下也没几个响当当的项目，青海连省投都能破产，一个旅投也不算啥了。" 这反应特别典型，震惊之余，很快就无奈接受了现实。 毕竟今年 6月这份 《法院公告》 ，不只是青海省旅游投资集团股份有限公司破产，它还把下面的十几家子公司全带走了：路游网、撒拉尔水镇、尚东今 致、文体旅运营、自驾营地、融资担保、药水温泉、铁航国际旅行社 ...... 一串串名字列下来，像极了一张地方版 "文旅清单"，直接清理到资产末端，每一家都是"带病家属"，这才是真正的"旅投一倒，骨牌全塌"。 | C 图表分析 | | 【身为被告】: 塞件数量 23 67.65% , 塞件金额 43.288.12 万元 ...

Core Viewpoint - The article discusses the increasing trend of bankruptcy restructuring among A-share listed companies in China, highlighting its significance as a mechanism for corporate revival and the complexities involved in the process [1][2]. Group 1: Bankruptcy Restructuring Overview - As of the end of 2024, a total of 129 listed companies in China have undergone restructuring plans, with 75 of these approved in the last six years, accounting for 61.24% of the total [1]. - Bankruptcy restructuring is becoming a crucial mechanism for companies, ranging from debt restructuring in the new energy sector to asset integration in traditional manufacturing [1]. Group 2: Key Practical Points in Bankruptcy Restructuring - If a bankrupt entity loses financial independence, it can pursue consolidated restructuring, followed by a hearing to gather opinions before a ruling is made [1]. - Restructuring and trustee management can occur simultaneously, especially when there are many small creditors with low repayment rates and significant opposition [2]. - The restructuring team should hire intermediaries and experts to ensure asset preservation and introduce suitable strategic investors [1][2]. - In cases of multiple related company bankruptcies, a competitive approach can be used to appoint a joint administrator, and government support can facilitate investment attraction while maintaining production [2]. - The conditions for consolidated restructuring include a high degree of confusion among related entities' identities and assets, necessitating a comprehensive hearing of opinions [2]. - For projects unsuitable for consolidated restructuring, a "bottom-up" approach can be adopted, allowing subsidiaries to complete restructuring first to ensure resource flow upwards [2]. - Pre-restructuring models can enhance success rates and efficiency by incorporating assets and increasing share capital to repay debts [2]. Group 3: Importance of Information Disclosure and Stakeholder Management - The article emphasizes the importance of information disclosure throughout the bankruptcy restructuring process, adhering to securities regulations and ensuring transparency [8]. - Balancing the interests of various stakeholders, including industrial investors, financial investors, and original shareholders, is crucial for successful restructuring [8]. Group 4: Course Offering - A course titled "62 Practical Hotspots and Solutions in Listed Company Bankruptcy Restructuring (81 Cases)" is introduced, which aims to dissect practical challenges through real case studies [3][4].

今年以来，有超过30家上市公司宣告撤销退市风险警示或其他风险警示，成功"摘星脱帽"，从濒临退市 的边缘回归正轨。 探究上述上市公司起死回生的原因，破产重整是有效路径。以某生物公司为例，该公司去年顺利完成破 产重整工作，有效化解了债务风险，引入重整投资人注入增量资金，并通过执行重整计划实现了对大部 分低效闲置资产的剥离，全年实现营利，于今年5月成功"摘星脱帽"。 借助破产重整，濒临退市的企业绝地逢生、枯树回春，折射出上市公司风险化解机制的演进成熟。近年 来，监管部门着力提升上市公司质量，一方面对触及重大违法或持续经营无望的绩差公司、僵尸企业坚 决出清、强制退市；另一方面对暂时遭遇困难但具有挽救价值的危困公司能救则救，支持其通过破产重 整实现重生。今年3月，证监会研究制定《上市公司监管指引第11号——上市公司破产重整相关事 项》，进一步加强上市公司破产重整监管，为有效化解上市公司风险提供了更明确指引。 破除旧我、重生新我，破产重整为那些存在阶段性困难、尚有转圜空间、通过"刮骨疗毒"可重焕生机者 提供了规范的重生路径，留下了充足的改过自新空间。一时经营失误、业绩不理想不会被资本市场判 处"死刑"，借助债务调整、业务 ...

5月15日，中信金融资产宣布：再度增持中国银行股份，最新持股比例从13.11%上升为14.07%； 4月10日，大秦铁宣布：中信金融资产再度增持其股份，增持后跃居第二大股东； 在不到半年的时间内，中信金融资产在上市公司股票投资、上市公司破产重整投资等中"开疆拓土"，虽 然通过参与破产重整获得的股票与份额最终要实现安全退出，不以长期持有为目的，但也可以看出，中 信金融资产在业务上发展势头较猛。 再控股一家大型公司 5月14日，信质集团发布公告：中信银行与中信金融资产签订协议，转让信托受益权。此次变动后，中 信金融资产通过信托和资管计划间接持有超过1亿股，占总股本25.48%，成为第一大股东。 5月14日，信质集团宣布：中信金融资产成为其第一大股东； 4月29日，*ST傲农公告：中信金融资产本期持有2076.9万股，占流通股比例1.42%； 4月28日，*ST仁东公告：中信金融资产本期持有2426.89万股，占流通股比例3.58%，位列第四大股东。 4月21日，协信创远宣布：其重整草案获得法院通过，中信金融资产等三家AMC参与其中； 日前，重庆五中院宣布协信远创的破产重整草案获得通过，这是地产产业内重整难度系数最 ...