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].

每经记者｜赵李南 每经编辑｜张海妮 5月13日，*ST高鸿（SZ000851，股价2.39元，市值27.67亿元，以下简称高鸿股份）发布了2024年度业 绩说明会的《投资者关系活动记录表》。 《每日经济新闻》记者注意到，这份《投资者关系活动记录表》记录了高鸿股份在5月12日召开的业绩 说明会中投资者所提的131个问题。 不少投资者问及高鸿股份的重组进度，也有投资者对高鸿股份提出了质疑。 公司称庭外重组相关工作仍在推进中 2023年和2024年，高鸿股份归母净利润分别约为-15.6亿元和-22.9亿元。 有投资者称："贵公司最近的业绩快报显示，2年亏完了整个上市公司市值，请问贵公司是如何经营公司 才能有如此杰作？" 另一位投资者表示，高鸿股份的庭外重组接近一年，目前毫无进展，如何给投资人交代？唯一比较好的 就是年报的那种姿态，上一个会计师事务所撂挑子，公司立马寻找新的，并且以出年报为重心，最终保 证了年报的出炉。 对于重组进度，高鸿股份回复称，目前，公司正在持续、积极开展招募及遴选庭外重组投资人、债权申 报与审核、审计及评估等庭外重组相关工作，最新工作情况以公司公告为准。 在2024年三季报中，高鸿股份曾称，报 ...