Recently, the merger and reorganization case of Zhejiang Zhongzhou Optoelectronics Co., Ltd. and Zhejiang Zhongzhou Lighting Technology Co., Ltd., where Beijing Gaopeng (Hangzhou) Law Firm acted as the bankruptcy administrator, made decisive progress. The draft reorganization plan was approved by a high vote at the second creditors' meeting of the merger and reorganization, and was ruled and approved by the Yuhang District People's Court of Hangzhou.

Zhejiang Zhongzhou Optoelectronics Co., Ltd. ("Zhongzhou Co., Ltd.") is located in Yuhang Economic Development Zone, Hangzhou City. It is a national high-tech enterprise specializing in the research, development, production, and sales of high-quality, high-efficiency LED devices and application products. The company has a production base covering an area of 50 acres and a construction area of 27000 square meters. It is the largest lighting grade white LED packaging enterprise in Zhejiang Province, a larger LED packaging enterprise in China, and a key enterprise of the national "semiconductor lighting project". It enjoys high visibility and product competitiveness in the market. 

Since 2015, due to factors such as downward market pressure, Zhongzhou Co., Ltd. has encountered difficulties in its operation. On March 30, 2015, upon the application of the company's creditors, the court ruled in accordance with the law to accept the bankruptcy reorganization case of Zhongzhou Shares, and appointed three intermediary institutions such as Beijing Gaopeng (Hangzhou) Law Firm as the bankruptcy administrator. Qian Yuxin, director of Beijing Gaopeng (Hangzhou) Law Firm, acted as the general leader of the management team. 

As the first bankruptcy reorganization case in Yuhang District, Hangzhou City, the bankruptcy administrator team, mainly composed of Beijing Gaopeng (Hangzhou) Law Firm, attaches great importance to it, diligently performs its duties according to law, and strives to promote the success of the company's reorganization. In May 2016, the Yuhang District People's Court ruled that Zhongzhou Co., Ltd. and its wholly-owned subsidiary, Zhejiang Zhongzhou Lighting Technology Co., Ltd. ("Zhongzhou Lighting"), should be merged and reorganized. After multiple rounds of recruitment, the manager finally identified a professional industry merger and acquisition fund as the strategic investor of Zhongzhou Company, formulated a draft restructuring plan and submitted it to the creditors' meeting on January 13, 2017 for voting. 

The draft reorganization plan formulated by the manager has been highly recognized by the creditors' meeting. The creditors' meeting is divided into property secured creditor's rights, tax creditor's rights, and ordinary creditor's rights groups to vote in groups, and a investor group is established to vote on matters related to the adjustment of the investor's rights and interests. After voting, the group with property secured claims and tax claims passed with a full vote, while the group with ordinary claims and the group with investors also passed with a high vote. Upon the application of the manager, on January 23, 2017, the Yuhang District People's Court ruled to approve the reorganization plan and terminate the company's reorganization process. The company took the most critical step towards successful reorganization. 

Beijing Gaopeng (Hangzhou) Law Firm has achieved good results in the field of bankruptcy business in recent years. Currently, it has served as the bankruptcy administrator in multiple bankruptcy cases such as real estate companies and manufacturing enterprises. It has actively played its professional advantages as the administrator of the law firm, and has been highly recognized by the bankruptcy court and creditors. With the marketization and normalization of enterprise bankruptcy trials, Gaopeng Law Firm is bound to achieve even greater development and progress in its bankruptcy administrator business.

This article is translated by software translator for reference only.