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Ten Model Cases regarding Trial of Bankruptcy Cases according to the Law and Promotion of the Supply-Side Structural Reform (June 15, 2016): Case about Consolidated Bankruptcy of Zhejiang Glass Co., Ltd. and Its Affiliated Companies
最高人民法院发布10起关于依法审理破产案件、推进供给侧结构性改革典型案例:浙江玻璃股份有限公司与浙江工程玻璃有限公司等申请破产重整案
【法宝引证码】

Ten Model Cases regarding Trial of Bankruptcy Cases according to the Law and Promotion of the Supply-Side Structural Reform (June 15, 2016): Case about Consolidated Bankruptcy of Zhejiang Glass Co., Ltd. and Its Affiliated Companies
最高人民法院发布10起关于依法审理破产案件、推进供给侧结构性改革典型案例:浙江玻璃股份有限公司与浙江工程玻璃有限公司等申请破产重整案
Ten Model Cases regarding Trial of Bankruptcy Cases according to the Law and Promotion of the Supply-Side Structural Reform (June 15, 2016): Case about Consolidated Bankruptcy of Zhejiang Glass Co., Ltd. and Its Affiliated Companies 

最高人民法院发布10起关于依法审理破产案件、推进供给侧结构性改革典型案例:浙江玻璃股份有限公司与浙江工程玻璃有限公司等申请破产重整案

(1) Basic Facts (一)基本案情
Zhejiang Glass Co., Ltd. (hereinafter referred to as “Zhejiang Glass”) was established in May 1994 and listed in the SEHK on December 10, 2001. From 2003 to 2005, Zhejiang Glass successively invested and established Zhejiang Engineering Glass Co., Ltd., Zhejiang Changxing Glass Co., Ltd., Zhejiang Pinghu Glass Co., Ltd., and Zhejiang Shaoxing Taoyan Glass Co., Ltd., which were all engaged in the production, processing, and sale of glass. With a total of 4,350 employees, the daily total melting volume of Zhejiang Glass amounted to 5,150 tons. Due to such reasons as poor management, blind investment, and high-cost financing, the business operations of Zhejiang Glass and other four affiliated companies encountered great difficulties and they got into debt crisis. On May 3, 2010, the stock trading of Zhejiang Glass was suspended by the SEHK since it failed to release its annual financial report of 2009 on schedule. Considering that Zhejiang Glass has met bankruptcy conditions and as an overseas listed company that still had production capacity, it was of certain value of reorganization, on June 28, 2012, the Intermediate People's Court of Shaoxing City, Zhejiang Province (hereinafter referred to as the “Intermediate Court of Shaoxing”) ruled to accept the application of creditors for the reorganization of Zhejiang Glass, appointed an administrator, and initiate the procedure for bankruptcy reorganization. 浙江玻璃股份有限公司(以下简称浙江玻璃)成立于1994年5月,2001年12月10日在香港联合交易所上市。2003年至2005年期间,浙江玻璃先后投资成立浙江工程玻璃有限公司、浙江长兴玻璃有限公司、浙江平湖玻璃有限公司、浙江绍兴陶堰玻璃有限公司,上述企业均从事玻璃生产、加工和销售,职工共计4350人,日熔化总量达5150吨。由于经营不善、盲目投资、高成本融资等原因,浙江玻璃及其四家关联公司生产经营遭遇巨大困难,陷人债务危机。2010年5月3日,浙江玻璃因未能如期公布2009年度财务报告被香港联合交易所处以暂停交易。鉴于浙江玻璃已具备破产原因,且作为一家尚具生产能力的境外上市股份公司,具有一定的重整价值,2012年6月28日,浙江省绍兴市中级人民法院裁定受理债权人对浙江玻璃的重整申请并指定管理人,启动破产重整程序。
(2) Trial Progress
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 (二)审理情况
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