Study On The Formulation Of The Listed Company's Reorganization Plan

Bankruptcy reorganization system gives a regeneration chance to the enterprises which cannot pay off the due or obviously lack of repayment ability. Generally speaking, in our country the listed enterprises always have a wide range of scale and abundant fund. However, some listed enterprises become"ST"companies and on the border from withdrawing from the stock market because of continuously two year loss,main business service is not normally operated,the shareholder rights and interests are a negative value or in two consecutive years the net profit is a negative value. The listed enterprises become the main beneficiaries of Reorganization System, and massive"ST"companies enter Reorganization. Research on the Reorganization Plan of the Listed Enterprise is the key to study Reorganization System. The Listed Company's Reorganization Plan is the object of this article. This article consists of three chapters.ChapterⅠis about the Formulation and approval of the Reorganization Plan of the Listed Enterprise. First introduce three legislative patterns about the person who formulate the Reorganization Plan. In our country the Administrator or Debtor draft the Reorganization Plan of the Listed Enterprise. The Administrator or Debtor follows fair and reasonable, feasible,efficiency principle. The Listed Enterprise has the duty to disclose information before the Creditors voting on the Reorganization Plan. After mastering massive information, the creditor and other can be able to make the correct decision, so the obligation of the Listed Enterprise's disclosing information is important. The Reorganization Plan is voted by groups, the article mainly analyzes the jot claims group and investors group. The local administrative plays an important role in rallying case, the final part of this chapter is about the question.ChapterⅡis about the content of the Reorganization Plan which is the important and difficult part of thin article. The content of the Reorganization Plan includes the plan of adjusting the right of Shareholders, creditors and the plan of paying off the debt, Debtor's management plan. This chapter also analyzes the legal basis and applicable conditions of"debt一to一equity swap"which is frequently appear in restructuring cases. The Bankruptcy Reorganization Plan not only balances the rights between Creditors and Debtor, but also balances the rights of the new investors. The article also mentions about the legal status and the right of the new investors.ChapterⅢis on the procedure-approval of the Reorganization Plan of the Listed Enterprise. The court approves the Reorganization Plan of the Listed Enterprise normally or forcefully according to situation of the case. The legal rule of approving the Reorganization Plan is principled, the law dose not explicit the conditions and the examination content when the court is about to approve the Reorganization Plan. The article gives advices on approving the Reorganization Plan by analyzing overseas legislation.At the end of this article, there is an Appendix about the rallying situation of the Listed Enterprises. In order to research the Reorganization Plan of the Listed Enterprise normally, we must first have a full understanding of the situation of the Listed Enterprise. The appendix can help us to have a direct-viewing understanding of the basic restructuring situation of the Listed Companies.