| Shanghai Chaori Solar Technology Co.,Ltd.(hereinafter referred to as Chaori)has had experienced three consecutive years of losses and it was suspended of the listing on the Shenzhen Stock Exchange in May 2014.At the same time,because the company could not repay matured debts and the existing net assets were insufficient to pay off all debts,the court accepted an application by creditors in June 26,2014 to accept the company's reforming and designate a manager to takes over the company.The court appointed administrator for Chaori,administrators are Beijing King&Wood of Shanghai branch and the accounting firm KPMG(special general partnership)of Shanghai Branch.The Chaori case also relates to the first company's debt default event in China,and therefore has a unique significance in research.In this paper the whole process of Chaori debt restructuring,In the process of debt restructuring,the paper take the interests protection and conflict coordination as a starting point for the process of debt restructuring in the perspective of stakeholders protection.Then the paper put forward some relevant suggestions and draw the final conclusion:In the process of debt restructuring should be to maximize the overall interests of all stakeholders as the standard,so as to better achieve the purpose of restructuring.Hope that through this case study can be used for other listing Corporation bankruptcy reorganization and the process of debt restructuring in the process of the protection of the stakeholders to bring about the inspiration and reference.This paper is written mainly through surfing the Internet to collect information for a preliminary understanding and conducting surveys on GCL System Integration Technology Co.,Ltd(formerly known as Chaori).The main purpose of this paper is to take the Chaori's restructuring as a case and carry on researches on interest balance of stakeholders in the process of debt restructuring.In the process of the Chaori's restructuring,the reforming party of Jiangsu co Xin Energy Co.Ltd(hereinafter referred to as Jiangsu GCL)combined with nine home how to balance the various interests related to the interests and in the interests of the security of various stakeholders at the same time,maximize the interests of the whole,is a major problem in this paper.In the reforming process of Chaori.The key problem in the reforming process is to find ways to resolve the company's debt crisis and through the contrast between the resolving of the debt crisis and the deeds of other enterprises,to search for other ways that may be better than the treatment of Chaori's debt restructuring process and to analyze what can be worthy of reference for other enterprises and its significance of social stability.Through the case analysis also draws the conclusion:In the process of restructuring should be to maximize the overall interests of all stakeholders as the standard.Finally,finding out the deficiencies in the analysis of the advantages of the Chaori's reorganization and then putting forward relevant suggestions.It also provides some suggestions for dealing with the problem of the protection of stakeholders in the process of the bankruptcy reorganization of the listing Corporation in the future.The innovation of this paper is to study the corporate debt restructuring from the perspective of stakeholders protection.In the process of the whole debt restructuring,it is discussed how to achieve the success of the reorganization by weighing the benefits of stakeholders.In the process of reforming the Chaori in debt reorganization,Reforming party of the Chaori achieved the basic realization of the interests of all parties.Its industrial capital also achieve the integration of assets,at the same time,creditors of the Chaori restored the loss,and the listed companies achieved the security shell,then the junk bond investors realize the high profits.At the end,this paper draws a conclusion about how to balance the interests of creditors in the whole process of debt restructuring and that the interest of small and medium creditors is the most important point to be taken into account.Chaori reforming cases give full considerations to the interests of various stakeholders and at the same time,focus on the ordinary creditor's rights of stakeholders,especially the interests of small and medium-sized creditors,also including creditor's interests of the 11 Chaori debt.Through their efforts,the debt creditors were repaid totally and small and medium creditors with total debt below 20 million Yuan were also repaid totally.What's more,the repayments above all were all one-time payment in cash.As a result,these measures not only fully protect the interests of small and medium-sized creditors but also play an important role in the stability of society.At the same time,debts of large creditors have been repaid at very high rates.Repayment rate of debts above 20 million yuan has reached 20%,far higher than the level of other domestic company.Compared with Chaori,where creditor's rights first rate reached only 3.95%,this time the creditor's rights first rate was as high as 20.0 percent,which was 16 percent higher than the former one.Such debt reforming measures have done the maximum in balancing the interests of the creditors and by promising that all claims are to be repaid by cash at one time,have reduced the quadratic losses caused by instalment repayments.Also the creditors of the company are committed to cooperating further as a supplier after reforming and thus such reforming measures and perfect details are keys of Chaori's success in reforming.At the same time,according to the relevant provisions of the bankruptcy law of our country,there must be more than half votes from the creditors who take part in creditors' conference and the total debt of all anticipators must be more than two thirds of the total debts and only in situations like this can a company implement the bankruptcy reorganization process.Therefore,the restructuring of debt restructuring is particularly important in the process of bankruptcy reorganization. |
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