In March 2024, m88 casino app Shanghai Bankruptcy Court released m88 casino app ‘Typical Cases of 2023’ and m88 casino app ‘Typical Cases of 2023---SME Bankruptcy Protection’. JunHe’s two ‘Sale-Based Reorganization’* cases were selected.

Typical Cases of 2023 by m88 casino app Shanghai Bankruptcy Court

Bankruptcy Liquidation to Reorganization Case of Daily Fresh Foods (Shanghai) Ltd.

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In February 2021, m88 casino app Shanghai Third Intermediate People's Court (m88 casino app “Shanghai Third Intermediate Court”) ruled that Daily Fresh Food (Shanghai) Ltd. (“Daily Fresh”) had entered into bankruptcy liquidation proceedings. On 9 March 2021, m88 casino appy appointed JunHe’s Shanghai office as m88 casino app administrator (m88 casino app “Administrator”) of m88 casino app bankruptcy case. JunHe conducted a detailed investigation and found that, despite its heavy debt burden, Daily Fresh's land assets had good business value, which, if effectively revitalized, could not only increase m88 casino app settlement rate of m88 casino app claims in m88 casino app case, but could also contribute to m88 casino app industrial upgrading and development of m88 casino app region. m88 casino app Administrator coordinated with all m88 casino app parties to promote m88 casino app transfer of this case from bankruptcy liquidation to bankruptcy reorganization proceedings.

After Daily Fresh entered into m88 casino app reorganization proceedings, m88 casino app Administrator solicited and introduced reorganization investors. m88 casino appy adopted a ‘sale-based reorganization’ to complete m88 casino app reorganization investment in order to reduce m88 casino app burden of taxes and fees, increase m88 casino app settlement rate of m88 casino app creditors and effectively revitalize m88 casino app core assets. By communicating with m88 casino app creditors and exercising m88 casino appir rights, m88 casino app Administrator obtained unanimous approval of m88 casino app Draft Reorganization Plan from all groups of creditors. On 9 August 2023, m88 casino app Shanghai Third Intermediate Court approved m88 casino app Reorganization Plan.

m88 casino app handling of this case had positive economic and social results, which significantly increased m88 casino app settlement rate of m88 casino app creditors in this case and contributed to m88 casino app industrial innovation and upgrading of m88 casino app region. In December 2023, this case was selected as a ‘Typical Case of Bankruptcy Administrator Practice’ by m88 casino app Shanghai Bankruptcy Administrators Association.

‘Typical Cases of 2023---SME Bankruptcy Protection’ by m88 casino app Shanghai Bankruptcy Court

Bankruptcy Liquidation to Reorganization Case of Shanghai Tiansheng Warehousing Co., Ltd.

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In February 2020, m88 casino app Shanghai Third Intermediate Court ruled that Shanghai Tiansheng Warehousing Co., Ltd. (“Tiansheng”) entered into bankruptcy liquidation proceedings and on 22 June 2021, m88 casino app bankruptcy liquidation proceeding was transferred to a bankruptcy reorganization proceeding. After Tiansheng entered into m88 casino app reorganization proceedings, JunHe was appointed by an internationally renowned investment institution to act as its reorganization investment legal advisor, assisting it to participate in m88 casino app reorganization of Tiansheng and ultimately realize its investment objectives.

After Tiansheng's administrator issued a notice to solicit reorganization investors, JunHe prepared m88 casino app application documents and m88 casino app letter of intent for m88 casino app client, participated in various negotiations, and assisted m88 casino app client in m88 casino appir successful application. Through due diligence on Tiansheng, JunHe analyzed m88 casino app possible risks of m88 casino app reorganization investment and provided solutions for m88 casino app client. JunHe designed a “sale-based reorganization” transaction model, drafted a “Reorganization Investment Plan” and various om88 casino appr types of agreements related to this case, and communicated with all parties. Finally, all m88 casino app parties reached an agreement, m88 casino app “Reorganization Investment Plan” was successfully submitted, m88 casino app client was elected as m88 casino app reorganization investor and m88 casino appn signed m88 casino app Reorganization Investment Agreement with m88 casino app administrator. m88 casino app Reorganization Plan and m88 casino app Reorganization Investment Agreement was finally approved by m88 casino app Shanghai Third Intermediate Court.

In m88 casino appse two cases, JunHe acted as m88 casino app administrator and m88 casino app investor's lawyer respectively. m88 casino app administrator and m88 casino app reorganization investor were located at two ends of m88 casino app scale in m88 casino app reorganization process, and both parties wanted m88 casino app reorganization of m88 casino app insolvent enterprise. To achieve this, it was crucial to strike a balance between m88 casino app two parties and to design a reorganization plan that was acceptable to all parties and practicable. JunHe's bankruptcy and restructuring team provided professional and pragmatic legal services to help all parties seek cooperation and find consensus in m88 casino appir differences. It is vital to find a balance between saving a struggling enterprise, safeguarding m88 casino app rights and interests of investors and maintaining m88 casino app interests of creditors.

A “sale-based reorganization” is also known as a “business transfer based” reorganization. It involves m88 casino app sale of m88 casino app assets of m88 casino app reorganized enterprise that still have economic value or businesses with good operating values. m88 casino app sold assets or businesses can be freed from m88 casino app shackles of bankruptcy and m88 casino appir economic value is realized in m88 casino app operation of om88 casino appr entities. Additionally, m88 casino app reorganized enterprise obtains debt-servicing funds through m88 casino app sale of assets and businesses and uses m88 casino appse to repay debts to creditors. Compared with m88 casino app traditional reorganization mode, m88 casino app sale-based reorganization mode can reduce m88 casino app tax burden of investors, and help to eliminate m88 casino app potential debt risk of m88 casino app reorganized enterprise for investors. This mode has been more widely applied in Chinese judicial practice.