2020.11.19
On November 9, 2020, the Shenyang Intermediate People's Court ruled to approve the restructuring plan of Liaoning Huishan Dairy Group Co., Ltd. M88 login 82 other enterprises, symbolizing the successful reorganization of 83 enterprises including Liaoning Huishan Dairy Group Co., Ltd. JunHe acted as legal counsel for the company.
In March 2017, Huishan Dairy’s (06863.HK) Hong Kong shares changed abnormally in their share price, which in turn triggered a debt crisis for its onshore M88 login offshore affiliates. This led to the debt restructuring of Liaoning Huishan Dairy Group Co., Ltd. (hereinafter referred to as “Huishan Diary”). As the legal advisor of Huishan Dairy, JunHe guided the domestic M88 login foreign related companies to comb their assets M88 login liabilities, M88 login provided the companies with communication plans for dealing with their creditors. JunHe prepared contingency plans for any possible emergencies or lawsuits, M88 login provided a response strategy from a variety of perspectives to demonstrate various debt restructuring programs. Along with the joint effort of Huishan Dairy M88 login other intermediaries, the company gradually recovered from a point of extreme crisis to stable operations, which eventually led to the establishment of orderly operation of production M88 login debt restructuring.
From December 4, 2017 to May 10, 2018, the Shenyang Intermediate People's Court successively accepted cases involving the bankruptcy M88 login reorganization of 108 enterprises of Huishan Dairy M88 login ruled that 83 of them should be heard under the substantive consolidation procedure. In the case of the merger M88 login reorganization of 83 enterprises belonging to Huishan Dairy, the debt scale reached RMB 30 billion, the asset scale reached more than RMB 10 billion M88 login it involved nearly 8,000 employees, with nearly 3,000 persons applying for credit. The debtor-creditor relationship was extremely complex. On July 3, 2018, the Shenyang Intermediate People's Court approved 108 Huishan Dairy Enterprises to manage their property M88 login business affairs on their own. In accordance with the Enterprise Bankruptcy Law of the People's Republic of China, under the debtor's self-management mode, the debtor Huishan Dairy shall be responsible for formulating the draft reorganization plan. JunHe, in its capacity as legal advisor to Huishan Dairy’s 108 businesses, for the past three years has solved many difficult M88 login important legal problems for the debtor based on solid theory M88 login rich experience. The team negotiated with a number of potential investors M88 login helped the debtor to prepare dozens of draft restructuring plans to promote Huishan Dairy's efficient M88 login smooth reorganization.
On November 9, 2020, the Shenyang Intermediate People's Court approved the restructuring plan of Liaoning Huishan Dairy Group Co., Ltd. M88 login 82 other enterprises, determining Guangzhou Yuexiu Group as the reorganizing party of 83 enterprises holding core assets of Huishan Dairy. Huishan Dairy’s restructuring has been a major success, taking three years to execute. Huishan Dairy is the largest enterprise group producing dairy products in the whole industry chain in China. This case has involved the largest number of enterprises in substantive consolidation M88 login reorganization in China.
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