目录

1.长航凤凰股份有限公司破产重整案

2.深圳中华自行车（集团）股份有限公司破产重整案

3.浙江安吉同泰皮革有限公司执行转破产清算案

4.中国第二重型机械集团公司与二重集团（德阳）重型装备股份有限公司破产重整案

5.浙江玻璃股份有限公司及其关联公司合并破产案

6.山东海龙股份有限公司破产重整案

7.中核华原钛白股份有限公司破产重整案

8.北京利达海洋生物馆有限公司破产清算案

9.上海超日太阳能科技股份有限公司破产重整案

10.无锡尚德太阳能电力有限公司破产重整案

一、长航凤凰股份有限公司破产重整案

（一）基本案情

长航凤凰股份有限公司（以下简称长航凤凰）系上市公司，是长江及沿海干散货航运主要企业之一。自2008年全球金融危机以来，受财务费用负担沉重、航运运价长期低迷等因素影响，长航凤凰经营逐步陷入困境。截至2013年6月30日，长航凤凰合并报表项下的负债总额合计达58.6亿元，净资产为-9.2亿元，已严重资不抵债。经债权人申请，湖北省武汉市中级人民法院（以下简称武汉中院）于2013年11月26日依法裁定受理长航凤凰重整一案，并指定破产管理人。因连续三年亏损，长航凤凰股票于2014 年5月16 日起暂停上市。

（二）审理情况

在武汉中院的监督指导下，管理人以市场化的重组方式为基础，制定了重整计划草案，获得了债权人会议及出资人会议表决通过。由于无外部重组方参与长航凤凰破产重整，如何通过长航凤凰自身筹集足够资产以提高普通债权清偿比例，以促使普通债权人支持重整是重整工作有序推进的重点。为解决偿债资金筹集的问题，经过武汉中院与管理人多番论证，最终制定了以公司账面的货币资金、处置剥离亏损资产的变现资金以及追收的应收款项、出资人权益调整方案以及股票公开竞价处置等多种渠道的资金筹集方案。实践证明，上述资金筹集方案具有可行性。通过资产公开处置、出资人权益调整以及股票公开竞价处置，长航凤凰不但清偿了重整中的全部债务，同时，由于股票公开竞价处置产生溢价，公司在重整程序中依法获得了约7000万元的资金用于补充公司现金流。

2014年3月18日，武汉中院裁定批准了重整计划并终止重整程序。通过成功实施重整计划，在无国有资产注入及外部重组方资金支持的情况下，长航凤凰2014年底实现净资产约1.2亿元、营业利润约2.24亿元，成功实现扭亏，股票于2015年12月18日恢复上市。

（三）典型意义

长航凤凰重整案是以市场化方式化解债务危机的典型案例。借助于破产重整程序，长航凤凰摆脱了以往依赖国有股东财务资助、以“堵窟窿”的方式挽救困境企业的传统做法，以市场化方式成功剥离亏损资产、调整了自身资产和业务结构、优化了商业模式，全面实施了以去杠杆为目标的债务重组，最终从根本上改善了公司的资产及负债结构，增强了持续经营及盈利能力，彻底摆脱了经营及债务困境。

二、深圳中华自行车（集团）股份有限公司破产重整案

（一）基本案情

深圳中华自行车（集团）股份有限公司（以下简称深中华）系上市的中外合资股份有限公司，成立于1984年8月24日，注册资本及实收资本均为人民币5.5亿余元。深中华生产的自行车曾远销欧美，市场占有度和知名度较高，但市场环境发生变化后，企业深陷亏损境地。曾经亚洲最先进的全自动化自行车生产线被迫下马停产，企业靠代工生产业务和物业出租养活187名员工。深中华原有的厂区经过多轮查封、冻结，无法变现和更改用途，且被出租给各个小企业用于生产，厂区存在严重的环保、安全、交通和监管隐患。因长期亏损，深中华连续多年被深交所退市风险警示，如其不能在2013年会计年度内通过重整计划，其股票将被终止上市。2012年10月12日，广东省深圳市中级人民法院（以下简称深圳中院）根据债权人申请，裁定受理深中华破产重整案。

（二）审理情况

2012年10月29日，深中华向深圳中院申请自行管理财产和营业事务，深圳中院审查后于2012年10月31日依据《企业破产法》第七十三条第一款之规定，批准深中华在管理人的监督下自行管理财产和营业事务。

2013年8月22日，债权人会议表决重整计划，普通债权组未能表决通过，税款组、出资人组均表决通过。深圳中院在综合考察深中华的现状后，指导管理人积极作为，针对仍存疑虑的债权人进行沟通和释法，充分阐释通过重整企业原本无法变现资产的清偿率可以获得大幅提升，通过获取股权可以分享重组收益等有利因素，取得了债权人的支持。在同年10月15日的第二次表决中，高比率通过重整计划。同日，深圳中院裁定批准重整计划。同年12月27日，执行重整计划完毕。

（三）典型意义

本案是人民法院充分尊重当事人意思自治，慎重行使强制批准权，确保市场主体充分进行博弈后，帮助企业恢复生机的典型案例。强制批准重整计划草案，主要适用于需要打破利益壁垒、平衡保护当事人利益的情形，应当慎重适用。深中华的重整计划草案经历了两次表决，法院在面临可能需要强制批准的情况下，没有简单化处理问题，而是指导管理人积极作为，以利益导向、发展导向促成债权人的态度转化，避免了司法权对市场的干预。通过重整，实现在职职工安置187人，解决积欠社保问题400余人，债权人获得了70% 的清偿，盘活了企业存量资产，为深圳的城市发展释放土地资源12.73万平方米。深中华通过重整解决了历史包袱，实现了产业转型，保留了上市公司地位，通过重整迎来了新的产业注入，保留了股权价值。

三、浙江安吉同泰皮革有限公司执行转破产清算案

（一）基本案情

浙江省安吉县人民法院（以下简称安吉法院）执行局在执行浙江安吉同泰皮革有限公司（以下简称同泰皮革公司）作为被执行人的系列案件中，将被执行人的厂房、土地依法拍卖，所得价款2484万元。但经审查发现，截至2015年2月27日，同泰皮革公司作为被执行人的案件全省共有29件，标的额2200万元；作为被告的案件全省共达94件，标的额3327万元，同泰皮革公司已不能清偿到期债务，而且资产不足以清偿全部债务。安吉法院执行局根据《最高人民法院关于适用〈中华人民共和国民事诉讼法〉的解释》第五百一十三条规定，向部分申请执行人征询意见，并得到其中一位申请执行人书面同意，将本案移送破产审查。3月17日,安吉法院根据申请人安吉县博康担保有限公司的申请，裁定受理债务人同泰皮革公司破产清算案。

（二）审理情况

受理破产申请后，安吉法院立即通知相关法院中止诉讼、执行程序，解除财产保全措施，由管理人接管了同泰皮革公司的全部资产。为公平保障全部债权人的利益，对全省范围内涉同泰皮革公司执行案件进行检索，执行人员提醒外地债权人申报债权224.3万元。2015年6月4日，同泰皮革公司破产案召开第一次债权人会议，会议高票通过了《财产管理、变价和分配方案》等两项议案。同月26日，安吉法院裁定确认上述财产管理、变价和分配方案。目前，财产分配方案已执行完毕。同泰皮革公司作为被执行人的案件共53件，债权金额累计4213.1万元，个案执行时间最长达1年半。启动执行转破产程序后，3个月即审结完成，并实现职工债权和税收债权全额清偿，普通债权清偿比例达到22.5%。

（三）典型意义

符合《企业破产法》规定条件的企业法人应该通过破产程序来清理债务，以实现对全体债权人的公平清偿。安吉法院在执行同泰皮革公司系列案件的过程中，发现被执行人已经符合《企业破产法》第七条规定的破产案件受理条件，即根据民诉法司法解释的有关规定，在征得债权人同意后，将执行案件及时移送破产审查，经审查符合破产案件受理条件，即裁定受理，进入破产程序。执行人员还提醒其他执行案件的申请人及时申报债权，实现了案件执行程序和破产程序的有序衔接。案件由执行程序转入破产审查，不仅可以迅速启动破产程序，还有助于执行案件的及时结案，化解执行难问题。

四、中国第二重型机械集团公司与二重集团（德阳）重型装备股份有限公司破产重整案

（一）基本案情

中国第二重型机械集团公司（以下简称二重集团）为中央直接管理的国有重要骨干企业，是国家重大技术装备制造基地。二重集团（德阳）重型装备股份有限公司（以下简称二重重装）为二重集团的控股子公司。自2011年起，二重集团、二重重装多年连续亏损，生产经营以及员工工资、社保基本靠向银行举债和股东提供的资金勉强维持。截至2014年底，二重集团、二重重装金融负债总规模已经超过200亿元。二重重装已经严重资不抵债。

在国资委等有关部门的支持下，以农业银行、中国银行、光大银行为主席行，组织涉及二重集团、二重重装的近30家金融债权人成立了中国二重金融债权人委员会，与二重集团、二重重装及其股东展开了庭外重组谈判。2015年9月11日，在银监会的组织下，各方达成了框架性的重组方案，其核心内容为在2015年内以“现金+留债+股票”清偿全部计息金融负债。同日，债权人机械工业第一设计研究院等向四川省德阳市中级人民法院（以下简称德阳中院）提起了针对二重集团、二重重装的破产重整申请。同月21日，德阳中院裁定受理二重集团、二重重装重整一案，并指定管理人接管了二重集团和二重重装。

（二）审理情况

2015年11月27日，债权人会议和出资人会议召开，各表决组均通过了《重整计划（草案）》。11月30日，德阳中院作出民事裁定，批准重整计划并终止了二重集团和二重重装重整程序。重整计划执行中，120亿金融债权通过现金清偿和债转股，已得到100%清偿；对于非金融债权，按照重整计划已向各家债权人分别支付25万，其余在2—5年内付清。当年，重整计划整体完成90%。

（三）典型意义

庭外重组是陷入困境但有价值的企业与其债权人之间以协议的方式，对企业进行债务调整和资产重构，以实现企业复兴和债务清偿的一种庭外拯救手段。本案中，在有关部门的推动、指导下，二重集团、二重重装与主要债权人金融机构进行了庭外重组谈判，并达成了框架性金融债务重组方案。进入重整后，法院在司法框架范围内，尽可能推动维持了重组方案确定的原则，依法合规纳入重整计划，得到了金融债权人的认可。二重集团和二重重装重整成功，为这两家资产总额达210亿元的国有企业卸下了沉重的债务负担，优化了金融债务结构。本案积极探索实践庭外重组向司法重整转换，为陷入困境但有再生可能的大型国有企业司法重整提供了可复制的范例。

五、浙江玻璃股份有限公司及其关联公司合并破产案

（一）基本案情

浙江玻璃股份有限公司（以下简称浙江玻璃）成立于1994年5月，2001年12月10日在香港联合交易所上市。2003 年至 2005 年期间，浙江玻璃先后投资成立浙江工程玻璃有限公司、浙江长兴玻璃有限公司、浙江平湖玻璃有限公司、浙江绍兴陶堰玻璃有限公司，上述企业均从事玻璃生产、加工和销售，职工共计4350人，日熔化总量达5150吨。由于经营不善，盲目投资、高成本融资等原因，浙江玻璃及其四家关联公司生产经营遭遇巨大困难，陷入债务危机。2010 年5月3日，浙江玻璃因未能如期公布2009年度财务报告被香港联合交易所处以暂停交易。鉴于浙江玻璃已具备破产原因，且作为一家尚具生产能力的境外上市股份公司，具有一定的重整价值，2012年6月28日，浙江省绍兴市中级人民法院（以下简称绍兴中院）裁定受理债权人对浙江玻璃的重整申请并指定管理人，启动破产重整程序。

（二）审理情况

2012 年7月4日，管理人以浙江玻璃与其四家关联公司存在人格混同情形、合并重整有利于公平清偿债权为由，申请浙江玻璃与其四家关联公司合并重整，并提交了相关证据。其中，审计报告结论显示：浙江玻璃与其四家关联公司系作为一个整体进行运作，四家子公司虽然均为法人主体，但都在浙江玻璃的实际控制下运营，资金收支均由浙江玻璃掌控，已丧失其法人实体应当具备的财务独立性。2012年7月23日，绍兴中院组织召开合并重整听证会，听取各方对合并重整的意见。经听证，大部分债权人代表及浙江玻璃及其关联公司支持合并重整。经审查，绍兴中院依照《企业破产法》第一条、第二条规定，裁定浙江玻璃前述四家关联公司并入浙江玻璃重整。

2013年3月10日，在前期继续经营、成功招募重整投资人的基础上，浙江玻璃及其四家关联公司破产案召开第三次债权人会议，分组表决重整计划草案。受多种客观因素影响，普通债权组未通过重整计划草案，导致重整计划草案未能获得债权人会议通过。同月25日，绍兴中院依照《企业破产法》第八十八条的规定，裁定终止重整程序，转入破产清算。

转入破产清算后，继续维持生产的压力更加突出。玻璃生产具有特殊性，一旦生产线停产，将涉及停火冷窑、危化品处置等安全问题，并将导致资产大幅贬值和维护费用大幅增加。为此，经管理人在债权人会议中广泛征求意见，采取“托管经营”的方式，委托第三方公司继续生产经营，实现了破产清算条件下的正常生产。4月13日，第四次债权人会议表决通过《破产财产变价方案》。经公开拍卖或变卖，公司的资产变价金额合计约 23.02 亿元。9月22日，第五次债权人会议表决通过了《破产财产分配方案》。10月10日，绍兴中院裁定认可破产财产分配方案。12月12日，经管理人申请，绍兴中院裁定终结破产程序。

（三）典型意义

浙江玻璃及其关联公司合并破产案系在充分尊重当事人意思自治基础上，在重整计划草案经表决未获通过的情况下，及时由重整转入清算的案件。本案在审理过程中，充分尊重市场规律，所有重大事项均在充分考虑破产企业的行业状况、商业风险等市场因素的基础上，经由债权人会议依法表决。对于债权人会议否决的事项，法院尊重当事人的意思自治，均未采取强制批准措施。此外，浙江玻璃及其关联公司在破产中维持正常生产，使得大部分职工保持了稳定的工作和经济收入，维护了社会的和谐稳定。

六、山东海龙股份有限公司破产重整案

（一）基本案情

山东海龙股份有限公司（以下简称山东海龙）系在深圳证券交易所挂牌的上市公司。主导产品在国内外享有较高的知名度和良好的信誉度。因受整体市场环境及经营问题的影响，公司自2010年连续两年亏损，出现经营危机及债务危机。 2012年3月1日，中国建设银行股份有限公司潍坊寒亭支行向山东省潍坊市中级人民法院（以下简称潍坊中院）提出申请，要求依法对山东海龙进行重整。4月23日，被深圳证券交易所实施退市风险警示，面临退市的严重风险。5月18日，潍坊中院裁定予以受理。

（二）审理情况

根据山东海龙的资产评估情况、偿债能力分析结论、债权审查和确认情况，结合上市公司重整案件的经验，管理人制定了适合山东海龙实际情况的重整计划草案。该重整计划将保留上市公司全部有效经营性资产，通过保障债权人获得不少于破产清算的清偿率，来清理上市公司全部债务，使得上市公司以自有业务重获持续经营和盈利能力，节约社会资源，维护了企业、职工、股东、债权人、上下游经营者多方的利益。2012年10月，山东海龙重整案出资人组会议及第二次债权人会议均表决通过了重整计划。11月2日，潍坊中院裁定批准重整计划，重整计划进入执行阶段。12月26日，重整计划执行完毕，重整程序终结。自2013年7月3日起，深圳证券交易所撤销山东海龙股票交易的退市风险警示及其他风险警示。通过重整，该公司扭亏为盈。

（三）典型意义

山东海龙重整案维持了上市公司的主业不变、产品不变、没有进行资产置换、没有停产半停产，实现了企业就地重生，保障了社会和谐稳定。如果以我国目前的上市公司重整案中普遍采用的将上市公司全部资产进行处置，重新注入新的经营性资产的方式重整，则可能一方面债权人的债权清偿比例会很低，另一方面山东海龙的主业和优质资源无法得以保留，影响近万名公司职工就业以及债权人和中小股民的利益。山东海龙重整案中采取了保留公司的全部有效经营性资产，通过保障债权人获得不少于破产清算的清偿，清理其全部债务。该模式使该公司的主业和优质资源得以保留，且公司职工就业基本未受影响，债权人和中小股民利益得到了最大限度地保护，企业、股东、职工、债权人、重整投资人、政府等实现多方共赢，取得了法律效果和社会效果的有机统一。

七、中核华原钛白股份有限公司破产重整案

（一）基本案情

中核华原钛白股份有限公司（以下简称中核钛白）股票在深圳证券交易所挂牌交易，在钛白粉市场竞争加剧的情况下，中核钛白经营陷入困境。特别是2008年发生世界性金融危机后，钛白粉产成品价格暴跌，当年钛白粉行业全面亏损。中核钛白连续亏损，面临退市及破产风险。2009年、2010年重大资产重组和托管均未成功。2011年4月22日，债权人向甘肃省嘉峪关市中级人民法院（以下简称嘉峪关中院）申请对中核钛白进行破产重整。7月29日，为维持职工队伍稳定和企业继续经营，中核钛白公司股东经在全国范围内公开遴选，决定由安徽金星钛白（集团）有限公司（以下简称金星钛白）对中核钛白进行托管经营。11月30日，嘉峪关中院裁定受理重整申请。

（二）审理情况

嘉峪关中院受理本案重整申请后，中核钛白继续营业，继续履行与金星钛白的托管协议，并继续履行中核钛白与对方均未履行完毕的42份合同，保证了重整工作的有序推进。截至2012年1月6日，共有146家债权人申报债权147笔，申报债权总额3.3亿余元，管理人初步确认128笔，确认的债权额约3亿元。嘉峪关中院要求管理人制定重整计划草案时一并考虑后续的资产重组，并在提交重整计划草案的同时提交重组框架方案，避免了重整、重组分开运作实施可能带来的弊端。

嘉峪关中院针对小额债权人人数众多、清偿率低、利益受损大、对立情绪严重的特点，为了最大限度地保护他们的利益，决定设立小额债权组，将债权额在600万元以下的债权人都纳入该组，并动员大股东额外拿出2000万元补偿小额债权人的损失，将其清偿率由41.69%提高至70%，有效保障了出资人和债权人的利益平衡。2012年7月27日，债权人会议四个债权人组表决通过了重整计划草案，出资人组表决通过了出资人权益调整方案。7月31日，嘉峪关中院裁定批准《中核华原钛白股份有限公司重整计划》。经各方努力，11月15日，重整计划执行完毕，比原计划提前一个半月。12月17日，法院裁定终结中核钛白重整程序。12月19日，经中国证监会审核，中核钛白发行股份购买资产并募集配套资金事项获有条件通过。至此，中核钛白破产重整程序与资产重组程序对接，中核钛白破产重整获得圆满成功。该案普通债权的清偿率为41.69%，小额普通债权的清偿率达到了70%，远远高于模拟清算条件下的清偿率。

（三）典型意义

中核钛白破产重整案通过将托管、重整与重组并行考虑，实现了托管、重整、重组的紧密衔接，做到了同行业并购和业务整合紧密衔接，持续经营与技术改造同步进行。既实现了企业经营的连续性，摆脱了清算退市的命运，实现了较高的清偿率，又实现了1200名职工全员就业，稳定了职工队伍。

八、北京利达海洋生物馆有限公司破产清算案

（一）基本案情

北京利达海洋生物馆有限公司（以下简称利达公司）是1993年经批准成立的中外合作经营企业，其投资经营的北京海洋馆于1999年正式开业。北京海洋馆集观赏、旅游、科普、教育和休闲娱乐为一体，是北京旅游行业的名片工程。由于利达公司在成立和建设过程中的大量贷款导致企业财务成本负担过重，同时，公司内部管理混乱，各类有效资产也被法院采取了司法保全措施，客观上已经直接危及北京海洋馆的正常经营，当时300多名职工情绪也严重不稳，导致公司难以维持正常经营。截至2003年7月，利达公司的资产总额为人民币6.55亿元，负债总额为人民币21亿元，资产负债率高达320%，属严重资不抵债。同月，经债权人北京国际信托投资有限公司申请，北京市高级人民法院（以下简称北京高院）依法受理了利达公司破产清算一案。

（二）审理情况

北京高院受理后，依据《最高人民法院关于审理企业破产案件若干问题的规定》第十八条的规定，决定成立利达公司监管组，主要负责清点、保管公司财产，核查公司债权债务，为公司利益而进行必要的经营活动等工作。监管组监管期间，北京海洋馆得以维持运营，避免了因停业可能带来的混乱和影响，同时也有效防范了各债权人对企业财产的争相哄抢，稳定了职工情绪，解决了社会稳定问题。

2007年6月1日开始实施的《企业破产法》规定了重整制度，基于对北京海洋馆仍具有良好的持续运营和持续盈利能力的价值分析，北京高院与监管组多次与债权人协商沟通，力争通过重整程序对利达公司进行拯救。利达公司的多数债权人系金融机构债权人，没有通过利达公司进行的相关重整安排。加之利达公司管理混乱，存在一系列历史遗留问题，导致重整投资人疑虑重重而陆续放弃。

2013年10月30日，北京高院裁定宣告利达公司破产。基于对利达公司下属的北京海洋馆经营事业进行拯救的目的，北京高院指导管理人采取在企业持续经营的状态下，将利达公司的全部财产、业务、正在履行的合同等整体打包，通过公开拍卖的方式变价处置。该变价方案在债权人会议表决中获全票通过。经过公开拍卖，北京信沃达海洋科技有限公司整体承接了利达公司的全部资产。承接后，北京海洋馆名称不变。拍卖价款用于清偿全体债权人，职工债权、税收债权100%清偿，普通债权清偿率37.60%，307名企业职工全部得到了安置。在破产财产分配工作全部完结后，2014年12月19日，北京高院依法裁定终结破产程序。利达公司在破产清算程序终结后予以注销。

（三）典型意义

本案是人民法院充分发挥司法能动作用，指导管理人依法提升资产处置效益，实现困境企业营业拯救的典型案例。在未能通过重整程序拯救利达公司的情形下，法院依法指导管理人通过在持续经营条件下整体打包处置破产财产的变价方式，依法保护了职工、税务部门以及其他债权人的权益，同时拯救了利达公司的经营事业即北京海洋馆，取得了良好的法律效果、经济效果和社会效果。

九、上海超日太阳能科技股份有限公司破产重整案

（一）基本案情

上海超日太阳能科技股份有限公司（以下简称超日公司）是国内较早从事太阳能光伏生产的民营企业，注册资本1.976亿元。2010年11月，超日公司股票在深圳证券交易所中小企业板挂牌交易。2012年3月7日，超日公司发行了存续期限为五年的“11超日债”。此后公司整体业绩持续亏损，生产经营管理陷于停滞，无力偿付供应商货款，银行账户和主要资产处于被冻结、抵押或查封状态，应付债券不能按期付息，“11超日债”也因此成为我国债券市场上的首个公司债违约案例。受制于财务负担沉重以及光伏产业整体处于低谷时期等因素的影响，超日公司已经很难在短期内通过主营业务的经营恢复持续盈利能力。2014年4月3日，债权人上海毅华金属材料有限公司以超日公司不能清偿到期债务为由，向上海市第一中级人民法院（以下简称上海一中院）申请对该公司进行破产重整。该院经审查，于6月26日裁定受理。因连续三年亏损，超日公司被暂停上市。

（二）审理情况

上海一中院指定一家律师事务所和一家会计师事务所组成联合管理人。管理人通过公开招标，确定由9家公司作为联合投资人。2014年10月8日，管理人公告发布《超日公司重整计划草案》、《关于确定投资人相关情况的公告》等文件。管理人结合超日公司的实际情况以及对意向投资人综合考察，确定由江苏协鑫能源有限公司等九家单位组成联合体作为超日公司重整案的投资人。九家联合投资人将出资19.6亿元用于超日公司重整，其中18亿元用于支付重整费用和清偿债务，剩余1.6亿元作为超日公司后续经营的流动资金。

《超日公司重整计划草案》于同年10月23日向第二次债权人会议提交。经分组表决，各表决组均通过了重整计划草案。依管理人申请，上海一中院于10月28日裁定批准超日公司重整计划并终止重整程序。根据重整计划，超日公司职工债权和税款债权全额受偿；有财产担保债权按照担保物评估价值优先受偿，未能就担保物评估价值受偿的部分作为普通债权受偿；普通债权20万元以下（含本数）部分全额受偿，超过20万元部分按照20%的比例受偿。此外，长城资产管理公司和久阳投资管理中心承担相应的保证责任，“11超日债”本息全额受偿。超日公司更名为协鑫科技股份有限公司，并于2014年实现盈利。2015年8月12日，*ST超日更名后在深交所恢复上市。至此，超日公司重整成功。

（三）典型意义

本案是全国首例公司债违约的上市公司破产重整案件，选择同行业企业作为重整方是本案迅速重整成功的关键。超日公司若要恢复上市，避免破产清算，必须在2014年内重整成功，扭亏为盈，这意味着重整工作的有效时间至多半年。而超日公司负债规模大、资产情况复杂，还涉及6万多股民及大量海外资产，重整难度较大，因此引入同行业有实力的重组方是较优选择，经过公开征集投资人，最终确定由同行业的江苏协鑫能源有限公司等作为重整方。引入同行业投资人可以加快推进重整进程，还可以解决企业现有员工的就业问题，有利于保障社会稳定。基于此，超日公司迅速恢复生产并具备持续经营能力，实现了较好法律效果和社会效果。

十、无锡尚德太阳能电力有限公司破产重整案

（一）基本案情

无锡尚德太阳能电力有限公司（以下简称无锡尚德）成立于2001年1月22日，主要经营业务为研究、开发、生产、加工太阳能电池及发电产品系统等。尚德电力控股有限公司（以下简称尚德电力）是2005年在美国纽约证券交易所上市的民营企业。无锡尚德则是尚德电力旗下资产规模最大的生产基地，集中了95%以上的产能，10年间成长为全球最大的光伏组件生产商之一。2012年，由于行业恶性价格战、全球产能过剩，以及自身决策频繁失误和内部管理问题等原因，无锡尚德运行陷入极端困境，并导致尚德电力股价一度跌至0.6美元以下，三次收到纽约证券交易所停牌警告，并一度被强制进入退市程序。2013年3月18日，中国银行股份有限公司无锡高新技术产业开发区支行等8家银行以无锡尚德不能清偿到期债务为由，向江苏省无锡市中级人民法院（以下简称无锡中院）申请对无锡尚德进行破产重整。3月20日，无锡中院裁定批准无锡尚德进入破产重整程序。

（二）审理情况

无锡中院受理后，指定由地方政府职能部门组成清算组担任管理人，同时建议清算组通过市场化运作遴选审计、评估、法律、财务等中介机构，充实清算组团队，发挥中介机构在市场价值判断、营业管理咨询等方面的专业优势。

由于无锡尚德是一家高科技型生产企业，营业事务涉及面广、专业要求高，需要熟悉公司业务和企业管理的专业人员参与，在无锡中院指导下，管理人聘请了在资产重组领域及企业管理等方面具备人才优势和丰富经验的公司负责管理无锡尚德重整期间的营业事务，实现了无锡尚德的复工。为了彻底恢复无锡尚德的持续经营能力，从2013年6月下旬开始，在无锡中院的指导下，管理人从全球范围内上百家光伏行业及上下游企业中，筛选潜在战略投资者，通过报名、资格审查、尽职调查、提交投标文件、工作小组专业评议等严格的招募程序，江苏顺风光电科技有限公司（以下简称顺风光电）获得无锡尚德战略投资者资格。

2013年10月底管理人提交了重整计划草案，重整计划中明确顺风光电作为战略投资者支付30亿元现金，用于解决无锡尚德相关费用与债务的清偿。出资人持有的无锡尚德100%股权全部无偿让渡。职工债权、税收债权、担保债权均按照100％比例以现金方式一次性受偿。为提高普通债权的清偿比例，每家债权人10万元以下部分的债权全额受偿；10万元以上部分在“现金”及“现金+应收款”两种方式中择一受偿。以“现金”方式受偿，受偿比例为31.55%。以“现金+应收款”方式受偿,即每家债权人除按照30.85%的清偿比例获得现金受偿外，还可以无锡尚德账面9笔应收款受偿。11月12日召开的第二次债权人大会上，职工债权组、税收债权组、担保债权组均全票表决通过上述重整计划草案，人数最多的普通债权组也高票通过。出资人组表示弃权。11月15日，无锡中院依法裁定批准《重整计划草案》，并终止重整程序。12月底偿债资金30亿元全部到位并分配完毕。

（三）典型意义

无锡中院在审理过程中，依法保护金融债权，有效化解金融风险。本案中，金融债权占债权总额的75.45%，为依法保护金融债权，有效化解金融风险，一方面是加大资产清收力度，根据应收款的具体情况采取发催收函催收、直接接洽、论证后起诉等多种方式，共追回应收款7.08亿元，增加了破产财产总额；另一方面在制订重整计划时引入“现金＋应收款”与“现金”两种清偿方式供债权人选择。从结果来看，有多家金融债权人选择了“现金＋应收款”的清偿方式，该部分债权额达40.95亿元。这也为其他困境企业重整提供了有益的借鉴。无锡尚德重整案充分发挥破产程序在清理金融债权方面的集中优势、效率优势和经济优势，切实维护了经济秩序稳定和金融安全。

catalogue

1. Bankruptcy and Reorganization Case of Changhang Phoenix Co., Ltd

2. Bankruptcy and Reorganization Case of Shenzhen Zhonghua Bicycle (Group) Co., Ltd

3. Zhejiang Anji Tongtai Leather Co., Ltd. Executed Bankruptcy Liquidation Case

4. Bankruptcy and Reorganization Case of China Second Heavy Machinery Group Corporation and China Second Heavy Machinery Group (Deyang) Heavy Equipment Co., Ltd

5. Merger and Bankruptcy Case of Zhejiang Glass Co., Ltd. and Its Related Companies

6. Bankruptcy and Reorganization Case of Shandong Hailong Co., Ltd

7. Bankruptcy and Reorganization Case of CNNC Huayuan Titanium Dioxide Co., Ltd

8. Bankruptcy liquidation case of Beijing Lida Marine Life Museum Co., Ltd

9. Bankruptcy and Reorganization Case of Shanghai Chaori Solar Energy Technology Co., Ltd

10. Bankruptcy and Reorganization Case of Wuxi Shangde Solar Power Co., Ltd

1、 Bankruptcy and Reorganization Case of Changhang Phoenix Co., Ltd

（1） Basic facts of the case

Changhang Phoenix Co., Ltd. (hereinafter referred to as Changhang Phoenix) is a listed company and one of the main dry bulk shipping enterprises in the Yangtze River and coastal areas. Since the global financial crisis in 2008, due to factors such as heavy financial burden and long-term low shipping prices, Changhang Phoenix's operations have gradually fallen into difficulties. As of June 30, 2013, the total liabilities under the consolidated statements of Changhang Phoenix amounted to 5.86 billion yuan, with a net asset of -92 billion yuan, which has become severely insolvent. Upon the application of creditors, the Intermediate People's Court of Wuhan City, Hubei Province (hereinafter referred to as the Wuhan Intermediate Court) ruled on November 26, 2013 to accept the reorganization case of Changhang Phoenix and designated a bankruptcy administrator in accordance with the law. Due to three consecutive years of losses, Changhang Phoenix Stock was suspended from listing on May 16, 2014.

（2） Trial situation

Under the supervision and guidance of Wuhan Intermediate People's Court, the manager developed a draft restructuring plan based on a market-oriented restructuring approach, which was approved by the creditors' meeting and the investors' meeting. Due to the absence of external restructuring parties participating in the bankruptcy reorganization of Changhang Phoenix, how to raise sufficient assets through Changhang Phoenix itself to increase the proportion of ordinary debt repayment and encourage ordinary creditors to support the reorganization is the focus of the orderly progress of the reorganization work. In order to solve the problem of raising debt repayment funds, after multiple discussions between Wuhan Intermediate People's Court and the management, a fund raising plan was finally developed through various channels such as monetary funds on the company's books, realization funds for disposing of loss assets and receivables collected, investor equity adjustment plans, and stock public bidding disposal. Practice has proven that the above-mentioned fund raising plan is feasible. Through public asset disposal, investor equity adjustment, and stock public bidding disposal, Changhang Phoenix not only paid off all the debts in the restructuring, but also received approximately 70 million yuan in funds to supplement the company's cash flow during the restructuring process due to the premium generated by the stock public bidding disposal.

On March 18, 2014, the Wuhan Intermediate People's Court ruled to approve the restructuring plan and terminate the restructuring process. Through the successful implementation of the restructuring plan, without the injection of state-owned assets and external restructuring party funding support, Changhang Phoenix achieved a net asset of approximately 120 million yuan and an operating profit of approximately 224 million yuan at the end of 2014, successfully turning around losses, and its stock resumed listing on December 18, 2015.

（3） Typical significance

The Changhang Phoenix restructuring case is a typical case of resolving debt crises through a market-oriented approach. With the help of bankruptcy reorganization procedures, Changhang Phoenix has broken free from the traditional practice of relying on financial support from state-owned shareholders and rescuing struggling enterprises through "hole blocking" methods. It has successfully divested loss assets, adjusted its own assets and business structure, optimized business models, and comprehensively implemented debt restructuring with the goal of deleveraging, ultimately fundamentally improving the company's asset and liability structure, Enhanced continuous operation and profitability, and completely overcome operational and debt difficulties.

2、 Bankruptcy and Reorganization Case of Shenzhen Zhonghua Bicycle (Group) Co., Ltd

（1） Basic facts of the case

Shenzhen Zhonghua Bicycle (Group) Co., Ltd. (hereinafter referred to as Shenzhen Zhonghua) is a listed Sino foreign joint venture limited liability company, established on August 24, 1984, with a registered capital and paid in capital of over 550 million yuan. The bicycles produced by Shenzhen Zhonghua were once exported to Europe and America, with high market share and popularity. However, after the market environment changed, the company was deeply in a loss situation. The most advanced fully automated bicycle production line in Asia was forced to shut down, and the company relied on OEM production and property rental to support 187 employees. The original factory area of Shenzhen Zhonghua has undergone multiple rounds of lockdowns and freezes, making it impossible to monetize or change its use. It has been rented out to various small enterprises for production, posing serious environmental, safety, transportation, and regulatory risks. Due to long-term losses, Shenzhen Zhonghua has been delisted by the Shenzhen Stock Exchange for several consecutive years as a risk warning. If it cannot pass the restructuring plan in the 2013 fiscal year, its stock will be delisted. On October 12, 2012, the Intermediate People's Court of Shenzhen City, Guangdong Province (hereinafter referred to as the Shenzhen Intermediate People's Court) ruled to accept the bankruptcy reorganization case of Shenzhen Zhonghua based on the application of creditors.

（2） Trial situation

On October 29, 2012, Shenzhen Zhonghua applied to the Shenzhen Intermediate People's Court for self management of property and business affairs. After review, the Shenzhen Intermediate People's Court approved Shenzhen Zhonghua's self management of property and business affairs under the supervision of the administrator on October 31, 2012, in accordance with Article 73 (1) of the Enterprise Bankruptcy Law.

On August 22, 2013, the creditors' meeting voted on the restructuring plan, but the ordinary creditors' group failed to pass the vote. The tax group and the investors' group both voted on it. After a comprehensive review of the current situation in Shenzhen Zhonghua, the Shenzhen Intermediate People's Court guided the managers to actively take action, communicating and interpreting the law with creditors who still have doubts, fully explaining that the liquidation rate of assets that could not have been realized through restructuring the enterprise can be significantly improved, and obtaining equity can share the benefits of restructuring and other favorable factors, obtaining the support of creditors. In the second vote on October 15th of the same year, a high percentage passed the restructuring plan. On the same day, the Shenzhen Intermediate People's Court ruled to approve the restructuring plan. On December 27th of the same year, the implementation of the restructuring plan was completed.

（3） Typical significance

This case is a typical case where the people's court fully respects the autonomy of the parties involved, prudently exercises the power of compulsory approval, and ensures that market entities fully engage in gaming to help enterprises recover their vitality. The mandatory approval of the draft reorganization plan is mainly applicable to situations where it is necessary to break down interest barriers and balance the protection of the interests of the parties involved, and should be applied with caution. The restructuring plan draft of Shenzhen Zhonghua has undergone two votes. In the face of the possibility of mandatory approval, the court did not simplify the handling of the issue, but guided the administrator to actively act, promoting the attitude transformation of creditors with an interest oriented and development oriented approach, avoiding judicial intervention in the market. Through restructuring, 187 in-service employees were resettled, and over 400 outstanding social security issues were resolved. Creditors received 70% of the repayment, activating the existing assets of the enterprise, and releasing 127300 square meters of land resources for the urban development of Shenzhen. Deep China has resolved its historical burden through restructuring, achieved industrial transformation, retained its status as a listed company, ushered in new industrial injection through restructuring, and retained its equity value.

3、 Zhejiang Anji Tongtai Leather Co., Ltd. Executed Bankruptcy Liquidation Case

（1） Basic facts of the case

In a series of cases where Zhejiang Anji Tongtai Leather Co., Ltd. (hereinafter referred to as Tongtai Leather Company) was the subject of execution, the Executive Bureau of Anji County People's Court in Zhejiang Province (hereinafter referred to as Anji Court) auctioned the subject's factory and land in accordance with the law, resulting in a price of 24.84 million yuan. However, upon examination, it was found that as of February 27, 2015, there were a total of 29 cases in the province where Tongtai Leather Company was the subject of execution, with an amount of 22 million yuan; As the defendant, there are a total of 94 cases in the province, with a target amount of 33.27 million yuan. Tongtai Leather Company is no longer able to repay its due debts and its assets are insufficient to repay all debts. According to Article 513 of the Interpretation of the Supreme People's Court on the Application of the Civil Procedure Law of the People's Republic of China, the Executive Bureau of Anji Court sought opinions from some applicants for enforcement and obtained written consent from one of them, transferring this case to bankruptcy review. On March 17th, the Anji Court ruled to accept the bankruptcy liquidation case of the debtor Tongtai Leather Company based on the application of the applicant Anji County Bokang Guarantee Co., Ltd.

（2） Trial situation

After accepting the bankruptcy application, the Anji court immediately notified the relevant court to suspend the litigation and execution procedures, lift the property preservation measures, and have the administrator take over all assets of Tongtai Leather Company. In order to fairly protect the interests of all creditors, a search was conducted on cases involving the execution of Tongtai Leather Company throughout the province. The execution personnel reminded non local creditors to declare a debt of 2.243 million yuan. On June 4, 2015, the first creditors' meeting of the bankruptcy case of Tongtai Leather Company was held, and the meeting passed two proposals, including the "Property Management, Value Conversion and Distribution Plan", with a high vote. On the 26th of the same month, the Anji Court ruled to confirm the above-mentioned property management, valuation, and distribution plan. At present, the property distribution plan has been completed. There are a total of 53 cases involving Tongtai Leather Company as the subject of enforcement, with a total debt amount of 42.131 million yuan. The maximum execution time for each case is one and a half years. After initiating the bankruptcy proceedings, the review is completed within 3 months, and full repayment of employee and tax claims is achieved. The proportion of ordinary debt repayment reaches 22.5%.

（3） Typical significance

Enterprise legal persons who meet the conditions stipulated in the Enterprise Bankruptcy Law should clear their debts through bankruptcy proceedings to achieve fair repayment to all creditors. In the process of executing the series of cases of Tongtai Leather Company, the Anji Court found that the person subjected to execution had already met the acceptance conditions for bankruptcy cases stipulated in Article 7 of the Enterprise Bankruptcy Law. According to the relevant provisions of the judicial interpretation of the Civil Procedure Law, with the consent of creditors, the execution case was promptly transferred to bankruptcy review. Once the review meets the acceptance conditions for bankruptcy cases, the court ruled to accept it and entered bankruptcy proceedings. The executors also reminded other applicants for executing cases to declare their claims in a timely manner, achieving an orderly connection between case execution procedures and bankruptcy proceedings. The transfer of a case from execution to bankruptcy review not only allows for the rapid initiation of bankruptcy proceedings, but also helps to timely close the case and resolve the issue of difficulty in execution.

4、 Bankruptcy Reorganization Case of China Second Heavy Machinery Group Corporation and China Second Heavy Machinery Group (Deyang) Heavy Equipment Co., Ltd

（1） Basic facts of the case

China Second Heavy Machinery Group Corporation (hereinafter referred to as Erzhong Group) is an important state-owned backbone enterprise directly managed by the central government, and is a national major technical equipment manufacturing base. Erzhong Group (Deyang) Heavy Equipment Co., Ltd. (hereinafter referred to as Erzhong Heavy Equipment) is a holding subsidiary of Erzhong Group. Since 2011, Erzhong Group and Erzhong Heavy Equipment have been continuously losing money for many years, and their production and operation, as well as employee salaries and social security, have basically relied on bank borrowing and funds provided by shareholders to barely sustain themselves. As of the end of 2014, the total financial liabilities of Erzhong Group and Erzhong Heavy Equipment had exceeded 20 billion yuan. Double reassembly has become severely insolvent.

With the support of relevant departments such as the State owned Assets Supervision and Administration Commission, with Agricultural Bank of China, Bank of China, and Everbright Bank as the main lead banks, nearly 30 financial creditors involved in Erzhong Group and Erzhong Heavy Industries have established the China Erzhong Financial Creditors Committee, which has conducted out of court restructuring negotiations with Erzhong Group, Erzhong Heavy Industries, and their shareholders. On September 11, 2015, under the organization of the China Banking Regulatory Commission, all parties reached a framework restructuring plan, with the core content of paying off all interest bearing financial liabilities with "cash+retained debt+stocks" within 2015. On the same day, creditors such as the First Design and Research Institute of Machinery Industry filed a bankruptcy reorganization application against Erzhong Group and Erzhong Heavy Equipment to the Intermediate People's Court of Deyang City, Sichuan Province (hereinafter referred to as the Deyang Intermediate People's Court). On the 21st of the same month, the Deyang Intermediate People's Court ruled to accept the reorganization case of Erzhong Group and Erzhong Heavy Equipment, and designated a manager to take over the two groups.

（2） Trial situation

On November 27, 2015, the creditors' meeting and the investors' meeting were held, and each voting group passed the "Reorganization Plan (Draft)". On November 30th, the Deyang Intermediate People's Court made a civil ruling approving the restructuring plan and terminating the restructuring procedures of Erzhong Group and Erzhong Heavy Industries. In the implementation of the restructuring plan, 12 billion yuan of financial debt has been fully repaid through cash repayment and debt to equity conversion; For non-financial claims, 250000 yuan has been paid to each creditor according to the restructuring plan, and the rest will be paid in full within 2-5 years. That year, the overall restructuring plan was completed by 90%.

（3） Typical significance

Out of court restructuring is an out of court rescue method that involves debt adjustment and asset restructuring between a distressed but valuable enterprise and its creditors through an agreement, in order to achieve enterprise recovery and debt repayment. In this case, with the promotion and guidance of relevant departments, Erzhong Group and Erzhong Heavy Equipment conducted out of court restructuring negotiations with major creditor financial institutions and reached a framework financial debt restructuring plan. After entering the reorganization, the court, within the judicial framework, made every effort to promote and maintain the principles of determining the reorganization plan, and included it in the reorganization plan in accordance with the law and regulations, which was recognized by financial creditors. The successful restructuring of Erzhong Group and Erzhong Heavy Industries has relieved the heavy debt burden and optimized the financial debt structure for these two state-owned enterprises with total assets of 21 billion yuan. This case actively explores the transition from out of court restructuring to judicial restructuring, providing a replicable example for the judicial restructuring of large state-owned enterprises that are in difficulties but have the possibility of regeneration.

5、 Merger and Bankruptcy Case of Zhejiang Glass Co., Ltd. and Its Related Companies

（1） Basic facts of the case

Zhejiang Glass Co., Ltd. (hereinafter referred to as Zhejiang Glass) was established in May 1994 and listed on the Hong Kong Stock Exchange on December 10, 2001. From 2003 to 2005, Zhejiang Glass invested in the establishment of Zhejiang Engineering Glass Co., Ltd., Zhejiang Changxing Glass Co., Ltd., Zhejiang Pinghu Glass Co., Ltd., and Zhejiang Shaoxing Taoyan Glass Co., Ltd. All of these enterprises were engaged in glass production, processing, and sales, with a total of 4350 employees and a daily melting total of 5150 tons. Due to poor management, blind investment, high cost financing, and other reasons, Zhejiang Glass and its four affiliated companies have encountered enormous difficulties in production and operation, leading to a debt crisis. On May 3, 2010, Zhejiang Glass was suspended from trading by the Hong Kong Stock Exchange for failing to release its 2009 financial report as scheduled. Given that Zhejiang Glass already has bankruptcy reasons and as an overseas listed joint-stock company with production capacity, it has certain restructuring value. On June 28, 2012, the Intermediate People's Court of Shaoxing City, Zhejiang Province (hereinafter referred to as the Shaoxing Intermediate People's Court) ruled to accept creditors' application for restructuring Zhejiang Glass and appointed a manager to initiate bankruptcy restructuring procedures.

（2） Trial situation

On July 4, 2012, the manager applied for the merger and reorganization of Zhejiang Glass and its four affiliated companies, citing the existence of personality confusion and the fact that the merger and reorganization is conducive to fair repayment of debts, and submitted relevant evidence. Among them, the audit report conclusion shows that Zhejiang Glass and its four affiliated companies operate as a whole. Although all four subsidiaries are legal entities, they operate under the actual control of Zhejiang Glass, and their capital receipts and expenditures are controlled by Zhejiang Glass, which has lost the financial independence that its legal entity should have. On July 23, 2012, the Shaoxing Intermediate People's Court organized a merger and reorganization hearing to hear opinions from all parties on the merger and reorganization. After hearing, most of the creditor representatives and Zhejiang Glass and its affiliated companies support merger and reorganization. After examination, the Shaoxing Intermediate People's Court has ruled, in accordance with Article 1 and Article 2 of the Enterprise Bankruptcy Law, that the aforementioned four affiliated companies of Zhejiang Glass shall be merged into Zhejiang Glass for reorganization.

On March 10, 2013, on the basis of continuing operations and successfully recruiting restructuring investors in the early stage, Zhejiang Glass and its four affiliated companies held their third creditors' meeting in the bankruptcy case, and voted on the draft restructuring plan in groups. Due to various objective factors, the ordinary creditor group did not pass the draft reorganization plan, resulting in the draft reorganization plan not being approved by the creditors' meeting. On the 25th of the same month, the Shaoxing Intermediate People's Court, in accordance with Article 88 of the Enterprise Bankruptcy Law, ruled to terminate the reorganization process and transfer it to bankruptcy liquidation.

After entering bankruptcy liquidation, the pressure to continue production is even more prominent. Glass production has its unique characteristics. Once the production line is shut down, it will involve safety issues such as ceasefire of cold kilns and disposal of hazardous chemicals, and will lead to significant depreciation of assets and a significant increase in maintenance costs. To this end, the administrator extensively solicited opinions in the creditors' meeting and adopted a "custody operation" approach, entrusting a third-party company to continue production and operation, achieving normal production under the conditions of bankruptcy liquidation. On April 13th, the fourth creditors' meeting voted to approve the "Bankruptcy Property Conversion Plan". After public auction or sale, the total value of the company's assets was approximately 2.302 billion yuan. On September 22nd, the fifth creditors' meeting voted to approve the "Bankruptcy Property Distribution Plan". On October 10th, the Shaoxing Intermediate People's Court ruled to approve the bankruptcy property distribution plan. On December 12th, the manager applied and the Shaoxing Intermediate People's Court ruled to terminate the bankruptcy proceedings.

（3） Typical significance

The merger and bankruptcy case of Zhejiang Glass and its affiliated companies is a case that, on the basis of fully respecting the autonomy of the parties, was promptly transferred from reorganization to liquidation in the event that the draft reorganization plan was not approved through voting. During the trial process of this case, market laws were fully respected, and all major matters were voted on by the creditors' meeting in accordance with the law, taking into account market factors such as the industry situation and commercial risks of the bankrupt enterprise. The court respects the autonomy of the parties involved in matters rejected by the creditors' meeting and has not taken mandatory approval measures. In addition, Zhejiang Glass and its affiliated companies maintained normal production during bankruptcy, allowing most employees to maintain stable work and economic income, and maintaining social harmony and stability.

6、 Bankruptcy Reorganization Case of Shandong Hailong Co., Ltd

（1） Basic facts of the case

Shandong Hailong Co., Ltd. (hereinafter referred to as Shandong Hailong) is a listed company listed on the Shenzhen Stock Exchange. The leading products enjoy high popularity and good reputation both domestically and internationally. Due to the overall market environment and operational issues, the company has suffered losses for two consecutive years since 2010, resulting in operational and debt crises. On March 1, 2012, China Construction Bank Co., Ltd. Weifang Hanting Branch submitted an application to the Intermediate People's Court of Weifang City, Shandong Province (hereinafter referred to as the Weifang Intermediate Court), requesting the reorganization of Shandong Hailong in accordance with the law. On April 23rd, the Shenzhen Stock Exchange implemented a delisting risk warning and faced serious risks of delisting. On May 18th, the Weifang Intermediate Court ruled to accept it.

（2） Trial situation

Based on Shandong Hailong's asset evaluation, debt repayment ability analysis conclusion, debt review and confirmation situation, and combined with the experience of listed company restructuring cases, the manager has developed a draft restructuring plan suitable for Shandong Hailong's actual situation. The restructuring plan will retain all effective operational assets of the listed company, and clean up all the debts of the listed company by ensuring that creditors receive a repayment rate of no less than bankruptcy liquidation. This will enable the listed company to regain sustainable operation and profitability through its own business, save social resources, and safeguard the interests of enterprises, employees, shareholders, creditors, and upstream and downstream operators. In October 2012, the shareholders' group meeting and the second creditors' meeting of Shandong Hailong's restructuring case both voted to approve the restructuring plan. On November 2nd, the Weifang Intermediate People's Court ruled to approve the restructuring plan, which entered the execution stage. On December 26th, the restructuring plan was completed and the restructuring process was concluded. Starting from July 3, 2013, the Shenzhen Stock Exchange revoked the delisting risk warning and other risk warnings for Shandong Hailong stock trading. Through restructuring, the company turned losses into profits.

（3） Typical significance

The restructuring case of Shandong Hailong has maintained the main business and products of the listed company unchanged, without asset replacement or production suspension, achieving on-site rebirth of the enterprise and ensuring social harmony and stability. If the reorganization is carried out by disposing of all the assets of the listed company and injecting new operational assets, which is commonly used in the current restructuring cases of listed companies in China, it may lead to a low debt repayment ratio for creditors, and on the other hand, Shandong Hailong's main business and high-quality resources cannot be retained, affecting the employment of nearly 10000 company employees and the interests of creditors and small and medium-sized shareholders. In the Shandong Hailong reorganization case, all effective operational assets of the company were retained, and all debts were cleared by ensuring that creditors received no less than bankruptcy liquidation. This model allows the company's main business and high-quality resources to be preserved, and the employment of its employees is basically unaffected. The interests of creditors and small and medium-sized shareholders are protected to the maximum extent, and the enterprise, shareholders, employees, creditors, restructuring investors, government, and other parties achieve a win-win situation, achieving an organic unity of legal and social effects.

7、 Bankruptcy and Reorganization Case of Zhonghe Huayuan Titanium Dioxide Co., Ltd

（1） Basic facts of the case

The stock of China National Nuclear Corporation (CNNC) Huayuan Titanium Dioxide Co., Ltd. (hereinafter referred to as CNNC Titanium Dioxide) is listed for trading on the Shenzhen Stock Exchange. In the face of intensified competition in the titanium dioxide market, CNNC Titanium Dioxide has encountered difficulties in its operations. Especially after the global financial crisis in 2008, the prices of titanium dioxide products plummeted, and the titanium dioxide industry suffered a comprehensive loss that year. CNNC Titanium Dioxide has suffered continuous losses and faces the risk of delisting and bankruptcy. The major asset restructuring and custody in 2009 and 2010 were unsuccessful. On April 22, 2011, creditors applied to the Intermediate People's Court of Jiayuguan City, Gansu Province (hereinafter referred to as the Jiayuguan Intermediate Court) for bankruptcy reorganization of CNNC Titanium White. On July 29th, in order to maintain the stability of the workforce and the continued operation of the enterprise, the shareholders of CNNC Titanium Dioxide Company, after public selection nationwide, decided to entrust Anhui Jinxing Titanium Dioxide (Group) Co., Ltd. (hereinafter referred to as Jinxing Titanium Dioxide) to manage CNNC Titanium Dioxide under custody. On November 30th, the Jiayuguan Intermediate Court ruled to accept the application for reorganization.

（2） Trial situation

After the Jiayuguan Intermediate People's Court accepted the application for restructuring in this case, CNNC Titanium White continued to operate, continued to fulfill its custody agreement with Jinxing Titanium White, and continued to fulfill 42 contracts that were not fully fulfilled by CNNC Titanium White and the other party, ensuring the orderly progress of the restructuring work. As of January 6, 2012, a total of 146 creditors have declared 147 claims, with a total amount of over 330 million yuan. The administrator has preliminarily confirmed 128 claims, with a confirmed amount of approximately 300 million yuan. The Jiayuguan Intermediate People's Court requires the manager to consider the subsequent asset restructuring when formulating a draft restructuring plan, and to submit a restructuring framework plan at the same time as submitting the restructuring plan draft, avoiding the potential drawbacks of separate operations and implementation of restructuring.

In response to the characteristics of a large number of small creditors, low repayment rate, significant damage to interests, and serious opposition, the Jiayuguan Intermediate People's Court has decided to establish a small creditor group to maximize their protection. Creditors with debt amounts below 6 million yuan will be included in this group, and major shareholders will provide an additional 20 million yuan to compensate for the losses of small creditors, increasing their repayment rate from 41.69% to 70%, Effectively ensuring the balance of interests between investors and creditors. On July 27, 2012, four creditor groups voted to approve the draft restructuring plan at the creditors' meeting, and the investor group voted to approve the investor's equity adjustment plan. On July 31st, the Jiayuguan Intermediate People's Court ruled to approve the "Reorganization Plan of CNNC Huayuan Titanium Dioxide Co., Ltd.". Through the efforts of all parties, the restructuring plan was completed on November 15th, one and a half months ahead of the original plan. On December 17th, the court ruled to terminate the restructuring process of CNNC Titanium Dioxide. On December 19th, after review by the China Securities Regulatory Commission, the issuance of shares by CNNC Titanium Dioxide to purchase assets and raise supporting funds was conditionally approved. At this point, the bankruptcy reorganization process of CNNC Titanium White has been integrated with the asset reorganization process, and the bankruptcy reorganization of CNNC Titanium White has achieved a complete success. The repayment rate of ordinary debt in this case was 41.69%, and the repayment rate of small ordinary debt reached 70%, which is much higher than the repayment rate under simulated liquidation conditions.

（3） Typical significance

The bankruptcy reorganization case of CNNC Titanium Dioxide achieved a close connection between custody, reorganization, and restructuring by considering them in parallel, achieving a close connection between mergers and acquisitions and business integration in the same industry, and synchronizing continuous operation and technological transformation. Not only has the continuity of enterprise operation been achieved, the fate of liquidation and delisting has been overcome, a high repayment rate has been achieved, and 1200 employees have been employed, stabilizing the workforce.

8、 Bankruptcy liquidation case of Beijing Lida Marine Life Museum Co., Ltd

（1） Basic facts of the case

Beijing Lida Marine Life Museum Co., Ltd. (hereinafter referred to as Lida Company) is a Sino foreign cooperative enterprise approved for establishment in 1993. Its investment and operation of the Beijing Marine Life Museum officially opened in 1999. The Beijing Ocean Museum integrates viewing, tourism, science popularization, education, and leisure entertainment, and is a business card project of the Beijing tourism industry. Due to a large amount of loans during the establishment and construction process of Lida Company, the financial cost burden of the company was too heavy. At the same time, the internal management of the company was chaotic, and various effective assets were also subject to judicial preservation measures by the court. Objectively, it had directly endangered the normal operation of the Beijing Ocean Museum. At that time, the emotions of over 300 employees were also severely unstable, making it difficult for the company to maintain normal operations. As of July 2003, the total assets of Lida Company were RMB 655 million, the total liabilities were RMB 2.1 billion, and the asset liability ratio was as high as 320%, indicating severe insolvency. In the same month, with the application of creditor Beijing International Trust and Investment Co., Ltd., the Beijing Higher People's Court (hereinafter referred to as the Beijing High Court) lawfully accepted the bankruptcy liquidation case of Lida Company.

（2） Trial situation

After being accepted by the Beijing High Court, in accordance with Article 18 of the "Provisions of the Supreme People's Court on Several Issues Concerning the Trial of Enterprise Bankruptcy Cases", it was decided to establish a regulatory group for Lida Company, which is mainly responsible for counting and keeping the company's assets, verifying the company's creditor's rights and debts, and conducting necessary business activities for the company's interests. During the supervision period by the regulatory team, the Beijing Ocean Museum was able to maintain its operations, avoiding the potential chaos and impact caused by the closure. At the same time, it effectively prevented creditors from competing for corporate property, stabilized employee emotions, and solved social stability issues.

The Enterprise Bankruptcy Law, which came into effect on June 1, 2007, stipulates a restructuring system. Based on the value analysis of the continued operation and profitability of the Beijing Ocean Museum, the Beijing High Court and the regulatory team have negotiated and communicated with creditors multiple times, striving to rescue Lida Company through the restructuring process. Most of the creditors of Lida Company are financial institution creditors and have not undergone relevant restructuring arrangements through Lida Company. In addition, Lida Company's management is chaotic and there are a series of historical legacy issues, which have led to doubts among restructuring investors and have gradually given up.

On October 30, 2013, the Beijing High Court ruled to declare Lida Company bankrupt. Based on the purpose of rescuing the operation of the Beijing Ocean Museum, a subsidiary of Lida Company, the Beijing High Court guides the managers to package all assets, businesses, and ongoing contracts of Lida Company in a continuous operation state, and dispose of them through public auction. The price change plan was unanimously approved by the creditors' meeting. After a public auction, Beijing Xinwoda Marine Technology Co., Ltd. took over all the assets of Lida Company as a whole. After taking over, the name of the Beijing Aquarium will remain unchanged. The auction price is used to pay off all creditors, with 100% of employee and tax debts paid off. The repayment rate of ordinary debts is 37.60%, and all 307 enterprise employees have been resettled. After all the distribution of bankruptcy property was completed, on December 19, 2014, the Beijing High Court ruled in accordance with the law to terminate the bankruptcy proceedings. Lida Company will be deregistered after the end of the bankruptcy liquidation process.

（3） Typical significance

This case is a typical case where the people's court fully utilizes its judicial initiative to guide managers to improve asset disposal efficiency in accordance with the law and achieve business rescue for struggling enterprises. In the absence of a reorganization procedure to rescue Lida Company, the court guided the administrator in accordance with the law to protect the rights and interests of employees, tax authorities, and other creditors by packaging and disposing of the bankruptcy property under continuous operating conditions. At the same time, it saved Lida Company's business, namely the Beijing Ocean Museum, and achieved good legal, economic, and social effects.

9、 Bankruptcy and Reorganization Case of Shanghai Chaori Solar Energy Technology Co., Ltd

（1） Basic facts of the case

Shanghai Chaori Solar Technology Co., Ltd. (hereinafter referred to as Chaori Company) is a private enterprise engaged in solar photovoltaic production earlier in China, with a registered capital of 197.6 million yuan. In November 2010, Chaori Company's stock was listed for trading on the Small and Medium Enterprises Board of the Shenzhen Stock Exchange. On March 7, 2012, Chaori Company issued the "11 Chaori Bonds" with a duration of five years. Since then, the company's overall performance has continued to suffer losses, production and operation management has stagnated, and it is unable to repay suppliers' payment for goods. Bank accounts and major assets have been frozen, mortgaged or sealed up, and bonds payable cannot pay interest on schedule. Therefore, "11 Ultra Japanese Bonds" has become the first case of corporate bond default in China's bond market. Due to the heavy financial burden and the overall downturn of the photovoltaic industry, it is difficult for Chaori Company to recover its sustained profitability through the operation of its main business in the short term. On April 3, 2014, the creditor Shanghai Yihua Metal Materials Co., Ltd. applied to the Shanghai First Intermediate People's Court (hereinafter referred to as the Shanghai First Intermediate People's Court) for bankruptcy reorganization of the company on the grounds that Chaori Company was unable to repay its matured debts. After examination, the court ruled on acceptance on June 26th. Due to three consecutive years of losses, Chaori Company has been suspended from listing.

（2） Trial situation

Shanghai First Intermediate People's Court has designated a law firm and an accounting firm to form a joint manager. The manager has decided to have 9 companies as joint investors through public bidding. On October 8, 2014, the manager announced the release of documents such as the "Draft Restructuring Plan for Chaori Company" and the "Announcement on Determining Investors' Relevant Information". The manager, based on the actual situation of Chaori Company and a comprehensive investigation of potential investors, has determined that a consortium consisting of nine units, including Jiangsu GCL Energy Co., Ltd., will be the investors in the restructuring case of Chaori Company. Nine joint investors will contribute 1.96 billion yuan to the restructuring of Chaori Company, of which 1.8 billion yuan will be used to pay restructuring fees and settle debts, and the remaining 160 million yuan will be used as working capital for subsequent operations of Chaori Company.

The draft restructuring plan for Chaori Company was submitted to the second creditors' meeting on October 23 of the same year. After group voting, each voting group passed the draft reorganization plan. According to the application of the manager, Shanghai No.1 Intermediate People's Court ruled on October 28th to approve the restructuring plan of Chaori Company and terminate the restructuring process. According to the restructuring plan, the employees' and tax claims of Chaori Company will be fully compensated; Claims secured by property are prioritized for repayment based on the assessed value of the collateral, and the portion that fails to be repaid based on the assessed value of the collateral is treated as ordinary claims; The portion of ordinary debt below 200000 yuan (including the principal amount) shall be fully repaid, and the portion exceeding 200000 yuan shall be repaid at a ratio of 20%. In addition, Great Wall Asset Management Company and Jiuyang Investment Management Center assume corresponding guarantee responsibilities, and the principal and interest of the "11 Super Day Bond" are fully repaid. Chaori Company was renamed as GCL Technology Co., Ltd. and achieved profitability in 2014. On August 12, 2015, * ST Chaori resumed its listing on the Shenzhen Stock Exchange after renaming. At this point, Chaori Company successfully reorganized.

（3） Typical significance

This case is the first bankruptcy restructuring case of a listed company in China where corporate bonds default. Choosing a company in the same industry as the restructuring party is the key to the rapid and successful restructuring of this case. If Chaori Company wants to resume listing and avoid bankruptcy liquidation, it must successfully restructure and turn losses into profits within 2014, which means that the effective time for restructuring work is up to six months. However, Chaori Company has a large debt scale and complex asset situation, involving over 60000 shareholders and a large amount of overseas assets, making it difficult to restructure. Therefore, introducing a strong restructuring party in the same industry is the preferred choice. After publicly soliciting investors, it was ultimately determined that Jiangsu GCL Energy Source Co., Ltd., among others in the same industry, would be the restructuring party. Introducing industry investors can accelerate the restructuring process and solve the employment problem of existing employees, which is beneficial for ensuring social stability. Based on this, Chaori Company quickly resumed production and has the ability to continue operating, achieving good legal and social effects.

10、 Bankruptcy and Reorganization Case of Wuxi Shangde Solar Power Co., Ltd

（1） Basic facts of the case

Wuxi Shangde Solar Power Co., Ltd. (hereinafter referred to as Wuxi Shangde) was established on January 22, 2001, mainly engaged in research, development, production, processing of solar cells and power generation product systems. Suntech Power Holdings Limited (hereinafter referred to as Suntech Power) is a private enterprise listed on the New York Stock Exchange in 2005. Wuxi Shangde is the largest production base of assets under Shangde Power, with a concentration of over 95% of production capacity. Within 10 years, it has grown into one of the world's largest photovoltaic module manufacturers. In 2012, due to a vicious price war in the industry, global overcapacity, frequent decision-making errors, and internal management issues, Wuxi Suntech fell into extreme difficulties, causing Suntech Power's stock price to drop below $0.6. Suntech received three suspension warnings from the New York Stock Exchange and was forced to enter delisting procedures at one point. On March 18, 2013, 8 banks including Bank of China Limited Wuxi High tech Industrial Development Zone Branch applied to the Intermediate People's Court of Wuxi City, Jiangsu Province (hereinafter referred to as the Wuxi Intermediate People's Court) for bankruptcy reorganization of Wuxi Shangde, citing the inability of Wuxi Shangde to repay its debts as they fall due. On March 20th, the Wuxi Intermediate People's Court ruled to approve Wuxi Shangde's entry into bankruptcy reorganization proceedings.

（2） Trial situation

After accepting the case, the Wuxi Intermediate People's Court designated a liquidation team composed of local government functional departments as the manager. At the same time, it is recommended that the liquidation team select audit, evaluation, legal, financial and other intermediary institutions through market-oriented operation, enrich the liquidation team, and leverage the professional advantages of intermediary institutions in market value judgment, business management consulting, and other aspects.

As Wuxi Shangde is a high-tech production enterprise with a wide range of business affairs and high professional requirements, it requires professional personnel familiar with the company's business and enterprise management to participate. Under the guidance of the Wuxi Intermediate People's Court, the manager hired a company with talent advantages and rich experience in asset restructuring and enterprise management to manage the business affairs during the restructuring period of Wuxi Shangde, achieving the resumption of work in Wuxi Shangde. In order to fully restore Wuxi Shangde's ability to continue as a going concern, starting from late June 2013, under the guidance of Wuxi Intermediate People's Court, the managers selected potential strategic investors from hundreds of photovoltaic industry and upstream and downstream enterprises worldwide through strict recruitment procedures such as registration, qualification review, due diligence, submission of bidding documents, and professional evaluation by working groups, Jiangsu Shunfeng Optoelectronics Technology Co., Ltd. (hereinafter referred to as Shunfeng Optoelectronics) has obtained the qualification of Wuxi Shangde Strategic Investor.

At the end of October 2013, the manager submitted a draft restructuring plan, in which Shun Wind Power, as a strategic investor, paid 3 billion yuan in cash to settle the related expenses and debts of Wuxi Shangde. The 100% equity of Wuxi Shangde held by the investor is fully transferred free of charge. Employee debt, tax debt, and guaranteed debt are all paid in cash at a one-time rate of 100%. In order to increase the repayment ratio of ordinary debt, each creditor's debt of less than 100000 yuan will be fully repaid; The portion exceeding 100000 yuan shall be compensated in either "cash" or "cash+receivables". Paid in cash, with a compensation ratio of 31.55%. To be compensated in the form of "cash+receivables", that is, each creditor can receive cash compensation according to a settlement ratio of 30.85%, and can also receive compensation for 9 accounts receivable on Wuxi Shangde's books. At the second creditors' meeting held on November 12th, the employee creditor's rights group, tax creditor's rights group, and guarantee creditor's rights group all voted unanimously to approve the above-mentioned restructuring plan draft, and the ordinary creditor's rights group with the highest number of people also voted unanimously to approve it. The investor group abstained. On November 15th, the Wuxi Intermediate People's Court ruled in accordance with the law to approve the "Draft Restructuring Plan" and terminate the restructuring process. At the end of December, the debt repayment fund of 3 billion yuan was fully paid and distributed.

（3） Typical significance

During the trial process, the Wuxi Intermediate People's Court protected financial claims in accordance with the law and effectively resolved financial risks. In this case, financial claims accounted for 75.45% of the total amount of claims. In order to protect financial claims in accordance with the law and effectively resolve financial risks, on the one hand, efforts were made to increase asset collection. Based on the specific situation of receivables, various methods such as sending collection letters for collection, direct contact, and litigation after argumentation were used to recover a total of 708 million yuan in receivables, increasing the total amount of bankruptcy assets; On the other hand, when formulating the reorganization plan, two repayment methods, "cash+receivables" and "cash", are introduced for creditors to choose from. From the results, it can be seen that multiple financial creditors have chosen the "cash+accounts receivable" settlement method, with a debt amount of 4.095 billion yuan. This also provides useful reference for the restructuring of other struggling enterprises. The Wuxi Shangde Reorganization Case fully leverages the concentration, efficiency, and economic advantages of bankruptcy proceedings in clearing financial claims, effectively maintaining economic order stability and financial security.