Discussion On The Case Of Bankruptcy Reorganization ST Saintymarine

On June 1,2007,the first law and regulation related to enterprise bankruptcy,namely the enterprise bankruptcy law of the People’s Republic of China,was officially promulgated.Since then,the legal barriers to the bankruptcy of listed companies caused by imperfect laws and regulations have been removed,and the bankruptcy law also provides more options for a large number of listed companies in China that are on the verge of bankruptcy.In addition to the original liquidation and settlement as two ways to solve the disputes between creditors and debtor companies,the bankruptcy law will be reorganization as an important way to save companies on the verge of bankruptcy into the enterprise bankruptcy process,and listed companies as the main means of recovery.As a newly established legal procedure in the bankruptcy law,the newly established and implemented bankruptcy reorganization system enables enterprises to achieve remarkable results in bankruptcy reorganization.The original simple and straightforward liquidation of the company in financial difficulties led to the unstable state of the economy and social unrest.Therefore,bankruptcy reorganization system can help enterprises get rid of the bankruptcy dilemma and restore the development of operating capacity,protect the interests of stakeholders,has greater economic significance;On the other hand,bankruptcy reorganization system helps to protect the status of market players and stabilize social development,has a certain social significance.Therefore,it is necessary to strengthen the study of enterprise bankruptcy reorganization.This paper selected the bankruptcy reorganization of listed company Sainty Marine as a research sample,and explored the enlightenment brought by the bankruptcy reorganization of Sainty Marine on the basis of analyzing the bankruptcy reorganization plan and effect of Sainty Marine.Sainty Marine as listed companies into bankruptcy,through the bankruptcy reorganization,from in the shipping business enterprise to success in the trust and energy quality enterprises,reversed insolvency bankruptcy caused by the crisis,the company bankruptcy reorganization case can provide other listed companies with ideas to solve the crisis of bankruptcy liquidation.Sainty Marine only implemented and completed bankruptcy reorganization in December 2016,which has a certain timeliness.Finally,there are differences and special points between the reorganization case of Sainty Marine and bankruptcy reorganization of other listed companies.At the same time,Sainty Marine is the first enterprise to carry out bankruptcy reorganization and major asset reorganization at the same time and apply them in a perfect combination,which has reference significance.The research of this paper can be divided into five parts.The first part is related to the bankruptcy reorganization of Sainty Marine case research background and significance,domestic and overseas advance is introduced,and on the basis of scholars about the bankruptcy reorganization research,found that Chinese scholars more favours the bankruptcy restructuring theory and the analysis of the single case discussion,and more for a single Angle of bankruptcy reorganization,bankruptcy reorganization and restructuring as the research Angle of the research is not much,especially the study of corporate samples for asset restructuring after bankruptcy reorganization,often did not appear in bankruptcy reorganization plan assets restructuring of listed company case analysis.The second part introduces the concept,mode and theoretical basis of bankruptcy reorganization.The concept of bankruptcy reorganization includes its definition,two different management modes and related bankruptcy reorganization procedures.This paper introduces three common bankruptcy restructuring modes in legislation and practice of various countries.The relevant theories used in this paper include operation value theory,public interest theory and principal-agent theory.The third part mainly introduces the basic information of Sainty Marine and jiangsu guoxin group,the bankruptcy reorganization process of Sainty Marine,the plan and the characteristics of the Sainty Marine reorganization process.The fourth part mainly analyzes the measures adopted by Sainty Marine to resume normal operation after bankruptcy reorganization and its effect.Firstly,in the analysis of bankruptcy restructuring and recovery measures of Sainty Marine,the main measures in this paper include four methods: asset restructuring,debt restructuring,strategic restructuring and corporate governance restructuring.Second in the analysis and evaluation of the effects of sainty ship bankruptcy reorganization,from the economic efficiency(financial condition,continuous operation ability,share prices,excess accumulated earnings,cost allocation of large shareholders and creditors)and the economic efficiency the stakeholder interests(big shareholders,minority shareholders and creditors)and jiangsu trust Angle using event analysis to evaluate the effect after sainty ship bankruptcy reorganization.In the fifth part,it is conclusion and inspiration from Sainty Marine bankruptcy reorganization case.The main conclusion of the case of shuntian Marine is that shuntian Marine gets rid of the bankruptcy crisis after its bankruptcy reorganization,and the interests of all parties are protected to the maximum extent by its reorganization in asset,debt,strategy and corporate governance.Meanwhile,shuntian Marine’s reorganization is efficient and effective.It brings four inspirations to the companies that plan to go through bankruptcy reorganization in China: firstly,when the company makes the reorganization plan,it should work out the reorganization plan that can remove the focus of the enterprise according to the actual situation of the enterprise.Secondly,the formulation of the restructuring plan should not only focus on solving the debt crisis and the nominal survival of the enterprise,but also in view of the market environment,the formulation of the restructuring plan is conducive to the enterprise out of the woods,to achieve independent management.Third,after the completion of bankruptcy reorganization,the withdrawal mechanism of debt-for-equity creditors is not perfect;Finally,Sainty Marine is the first company to conduct bankruptcy reorganization and material assets reorganization simultaneously,which is a new way to save the company.