Xining Intermediate People’s Court will help the country’s largest potash enterprises to resume


Xining Intermediate People’s Court will help the country’s largest potash enterprises to resume

On August 10, Qinghai Salt Lake Industrial Co., Ltd. (hereinafter referred to as Salt Lake Co., Ltd.) resumed its listing, marking the bankruptcy case of Salt Lake Co., Ltd., which is tried by the Intermediate People’s Court of Xining City. During the trial, the main leaders of the Provincial Senior People’s Court attached great importance to it, listened many times, and made a request, Xining Intermediate People’s Court firmly established a new development concept, performing trial responsibilities according to law, quickly matching the trial team, and seriously guiding supervision and manager Work, multi-field research, convene a special meeting, make various legal instruments, strive to achieve organic unity of political effects, legal effects, and social effects, providing a strong judicial service and guarantee for accelerating building a world-class Salt Lake industry base.

According to reports, Salt Lake Co., Ltd. is a large-scale state-owned listed company in Qinghai Province. It is the largest potash production enterprise in my country. It has been influenced by economic downtime, but unfolded effects have caused assets depreciation and financial costs. 100 million yuan, two consecutive years of loss, facing off-market risk. On September 30, 2019, the creditor applied for bankruptcy reforming of Salt Lake Co., Ltd. due to unable to pay for the expiration of debt and significantly lack of payment capacity.

During the reorganization process, Xining Intermediate People’s Court instructs the manager to complete the creditor’s creditor’s declaration review, asset status audit, and coordination with creditor communication, scientific development of the draft reforming plan, and ensure the legal, orderly, and efficient advancement of the case. On January 17, 2020, he presided over the second creditor meeting and the draft reforming plan was passed. The plan is integrated with cash, liability and debt shares, and improved corporate financial costs and mitigating the debt burden. Due to the larger book loss in 2020, the company has continued to lose two years, the company is suspended from the Shenzhen Stock Exchange on April 30, 2020, due to the continuous loss of 3 consecutive years.

After the approval of the reforming plan, the Xining Intermediate People’s Court Guided and participated in the implementation of the reforming plan, and went to Shenzhen to transfer stocks many times. After the successful implementation of the reforming plan, the huge debt of the Salt Lake Co., Ltd. has been properly resolved, and the financial cost is reduced. The company returns to potassium, lithium main business, and 2020 realizes business income billion, paying net profit billion, gradually recovering profitability, It has laid a good foundation for successful recovery.

In order to resume the listing of Salt Lake Co., Ltd., Xining Intermediate People’s Court actively cooperates with the enterprise and the Securities Regulatory Commission, the stock exchange, and fully support the resumption of listing.

The Salt Lake Co., Ltd. successfully resumed the listing, and the market value has soared from 48 billion yuan to 234.4 billion yuan. The strong return of the A-share market, the stock price increased by 396%, and the share price per share price, which not only reflects the market’s expectation of Salt Lake shares. And greatly recognized, which also enabled the transfer creditor to exceed the benefit of all parties. The relevant person in charge of Xining Intermediate People’s Court said, the next step, Xining Intermediate People’s Court will further enhance the consciousness and initiative of the service party and national working overall situation, service economic and social development in the Xining Intermediate Peoplesen Court Tight contact trial implementation work, find accurate entry point, combination point and power point, and strive to work in the service overall work, promote new and greater contributions in high quality development. (Editor: Chen Mingju, Liu Peiran) Sharing let more people see recommendation reading.