A few days ago, Zhongtai automobile announced that Zhejiang Yongkang Rural Commercial Bank Co., Ltd. submitted an application to Jinhua intermediate people’s court for restructuring of the company, and creditors were paid off according to the reorganization plan approved by the court. < / P > < p > if the company successfully implements the restructuring and completes the reorganization plan, it will help to optimize the company’s asset liability structure, improve the company’s sustainable operation and profitability, and promote the company to return to the track of healthy and sustainable development. If the reorganization fails, the company will be declared bankrupt. According to the application, Zhejiang Yongkang rural commercial bank applied to Jinhua intermediate people’s court for reorganization of the company according to the enterprise bankruptcy law of the people’s Republic of China on the ground that the company could not pay off its due debts and was obviously lack of solvency, but still had high restructuring value. < / P > < p > creditors are paid off in accordance with the reorganization plan approved by the court. If the draft reorganization plan cannot be approved by the court ruling, the court will terminate the reorganization procedure of the company and declare the company bankrupt. However, Zhongtai said that Zhongtai Automobile Co., Ltd. has not received the court’s ruling on Zhejiang Yongkang agricultural commercial bank’s application for company restructuring, whether Zhejiang Yongkang agricultural commercial bank’s application is accepted by the court, and whether the company enters the reorganization procedure is still uncertain. < / P > < p > since 2020, Zhongtai’s crisis has deepened step by step, from a long overdue annual report with a market value of 35 billion yuan, a loss of 10 billion yuan and being claimed by directors to be unable to protect the truth, to employees’ compensation, dealers’ rights protection, and even the controlling shareholders’ bankruptcy < p > < p > according to the financial report of the first half of 2020, Zhongtai automobile’s operating revenue in the first half of 2020 was 770 million yuan, a year-on-year decrease of 76.69%; the net profit loss attributable to shareholders of listed companies was 1.034 billion yuan, a year-on-year decrease of 256.08%. Global Tech

By ibmwl