Research On Bankruptcy Reorganization Scheme Of ZH Company

ZH company is a private enterprise that develops and produces multi-color green fiber new materials.Since its establishment in 2003,the company has developed rapidly and has been selected into the top 100 enterprises in Zhejiang Province and national high-tech enterprises.However,after the failure of listing in 2012,the company successively encountered risks such as corporate financing mutual insurance.Due to the failure to repay huge bank loans in time,the company and its legal representative were included in the blacklist of dishonesty,and the pledged real estate and land of the enterprise were also frozen by the court.How to get rid of the debt crisis has become a matter of life and death for the company.Based on the in-depth investigation and analysis of the development status and debt crisis of ZH company,this paper first makes a comprehensive analysis of the company’s solvency,profitability,operation ability,growth ability,product competitiveness and development trend from the financial and non-financial dimensions,and makes a preliminary judgment on whether the company should choose bankruptcy liquidation or bankruptcy reorganization;Then,through the analysis of stakeholders and the society as a whole,this paper puts forward the path of bankruptcy reorganization of the company from four levels,and designs the specific scheme of bankruptcy reorganization of ZH company according to the requirements of the new bankruptcy law.Finally,through the comparison of liquidation yield,this paper analyzes the effectiveness of bankruptcy reorganization.Research shows that zh company has serious insolvency and can only go through bankruptcy proceedings.However,based on the existing technical level,operating capacity and asset status of the enterprise,the company is completely possible to be reborn through bankruptcy reorganization.To succeed in bankruptcy reorganization,we must take into account the interests of creditors,company shareholders,debtors and other stakeholders,and comprehensively restructure the company’s strategic operation,internal governance,assets and debt structure.In addition,reasonable designs should be made in advance for debt repayment,financing repayment,divestiture of non core assets and investor exit mechanism.