Baota Industry: Creditors apply for stock reorganization or face the risk of delisting
On March 23, Pagoda Industries issued a notice regarding creditors applying for company reorganization.According to the announcement, Ningxia No.1 Construction Co., Ltd. (hereinafter referred to as “Ningxia Yijian” or “Applicant”), according to the “Enterprise Bankruptcy Law of the People’s Republic of China” (hereinafter referred to as “Enterprise Bankruptcy Law”), the company is unable to pay off dueDebt and obviously lack of solvency, filed an application for reorganization of the company to the court.However, its announcement stated that it is still uncertain whether the application will be recognized by the court and whether the company will enter the reorganization process.Unless the reorganization process is entered, the company will actively carry out daily operations and management on the basis of the existing ones.If the court formally approves the applicant’s application for reorganization of the company, the company will cooperate with the court and the administrator to carry out the reorganization work according to law, budget the legal obligations of the debtor according to law, and actively do daily operation and management.If the company successfully implements the reorganization and completes the reorganization plan, it will help optimize the company’s asset and liability structure and enhance the company’s continued operation and profitability.If the reorganization fails, the company will have the risk of being declared bankrupt.According to Article 14 of the “Shenzhen Stock Exchange Stock Listing Rules”.4.Article 1 (23) stipulates that the company’s stock will face the risk of being terminated from listing.Editor Yue Caizhou