Research On The Management Of J Company Sale-type Bankruptcy Reorganization

In recent years,many small and medium-sized real estate enterprises are affected by shrinking financing channels and declining sales revenue,resulting in debt crisis and other situations.Under the background of the above worsening corporate debt crisis,it has gradually become an option to save and regenerate enterprises through bankruptcy.At present,most enterprises still adopt the way stipulated in the enterprise bankruptcy law to promote the bankruptcy procedure.However,there are various problems in the practice process.Due to the multi-interest relationship involved in the whole process of bankruptcy,the traditional bankruptcy path has caused serious conflicts due to the different goals and expectations of all parties.Bankruptcy means can not solve the contradictions of all parties well,and the bankruptcy failure rate is getting higher and higher,which eventually leads to the deadlock of bankrupt enterprises,but does not play the role of bankruptcy in the market.Therefore,under the premise that the original bankruptcy path is becoming more and more difficult to work,how to solve the deadlock through the innovative approach in the bankruptcy procedure and practice,especially to meet the diversified demands among stakeholders,and then successfully play the value of bankruptcy rescue and rebirth,has become the key to the implementation of the bankruptcy path for small and medium-sized real estate enterprises.This paper makes a systematic analysis of the successful bankruptcy reorganization case of J Real Estate Company in order to summarize the innovative practices in the implementation process.This paper adopts the case study method,comparative study method and other methods.Firstly,through the guidance of operating value theory and stakeholder theory,it focuses on sorting out the characteristics and core demands of the implementation of bankruptcy reorganization of small and medium-sized real estate enterprises,laying the foundation for the case analysis and study.Secondly,a case study is carried out to analyze and sort out the background before the bankruptcy of J Company,to summarize the reasons for J Company’s bankruptcy and the reasons for the implementation of bankruptcy reorganization,and to analyze the interest appeals of various stakeholders of J Company.Due to the existence of interest conflicts and contradictions among the above groups,if the traditional bankruptcy reorganization is adopted,It is inevitable to fall into the mire of bankruptcy deadlock.Based on the appeals of the stakeholders of J company,the paper discusses the shortcomings of the traditional path.When J Company chose to implement the sale bankruptcy reorganization,it evaluated its implementation plan,process and its impact on stakeholders.Finally,this paper summarizes the key factors of the successful reorganization of J Company,and expounds the innovation of sale bankruptcy reorganization which is different from the traditional way in the process of resolving the debt crisis and saving the enterprise.Through the case study of J Company,this paper finds the following conclusions and inspirations.First,having salvageable high quality assets is the premise of bankruptcy reorganization.Second,the sale bankruptcy reorganization has advantages different from the traditional mode in improving the actual repayment rate of creditors,avoiding the conflict of control rights of the bankrupt enterprise,protecting the interests of investors and so on.By solving the contradictions of multiple stakeholders,the interests of multiple objectives can be guaranteed and the bankruptcy deadlock can be avoided.Third,the key to the successful implementation of the restructuring plan lies in the rational establishment of a comprehensive debt repayment plan.J Company has explored and practiced the innovative path of bankruptcy reorganization of real estate enterprises.Under the background of frequent debt crises of real estate enterprises,this path can provide reference for similar enterprises in trouble.At the same time,this paper summarizes the key factors of J company’s reforming success,which also has certain value for the small and medium-sized enterprises in bankruptcy gridlock to solve the impasse.