At the end of the year, the A-share "shell war" was staged, and more and more *ST companies are looking forward to rebirth through bankruptcy reorganization.
Since November 2023, listed companies have intensively announced the progress of bankruptcy reorganization, and under the normalized delisting mechanism, the bankruptcy reorganization of listed companies has started to "accelerate".
If bankruptcy liquidation means "bankruptcy", bankruptcy reorganization means "rebirth". Since the first introduction of the reorganization mechanism in the Enterprise Bankruptcy Law of the People's Republic of China in 2007, more than 100 A-share companies have successfully implemented bankruptcy reorganization plans. Through debt adjustment, business restructuring, capital injection, etc., a number of listed companies on the verge of crisis have been able to get rid of financial difficulties and resume normal operations.
Bankruptcy reorganization is actually a process of redistribution of the interests of debtors, providing a way for creditors, debtors, investors, shareholders and other parties to negotiate and game, in order to achieve a win-win situation for all parties. In practice, due to the difference in status and discourse power, the level of transfer of rights and the acquisition of benefits in the redistribution of interests of different interest groups in reorganization is very different, which objectively forms a certain degree of interest tilt and even conflict of interest. How to deal with conflicts of interest and achieve a balance of interests is still a difficult point in the implementation of the reorganization plan. (*Times).