Shenzhen Textile On The *ST Sheng Run Debt Restructuring Results Announcement

All members of the company and the board of Directors ensure that the contents of the announcement are true, accurate and complete, and bear any false record, misleading statement or major omission in the announcement. responsibility 。

In October 20, 2010, the intermediate people's Court of Shenzhen (hereinafter referred to as "Shenzhen intermediate people's court") convened a creditors meeting on the reorganization of the Guangdong Sheng run group Limited by Share Ltd (stock short: *st Sheng run, stock code: 000030, hereinafter referred to as "Sheng run company"), and the meeting adopted the draft plan for the reorganization of Guangdong sunrun group Limited by Share Ltd. According to the draft of the company's reorganization plan, the company's claim of 31605196.47 yuan for Sheng run company is A shares and 1085733 shares of Sheng run company. The draft plan still needs to be approved by the Shenzhen intermediate people's court.

I. the process and causes of creditor's rights formation

Due to historical reasons, the company provided loan guarantees with Sheng run company before its listing in 1993. After the company went public in 1994, its guarantee was also incorporated into the listed company. In 1994, the mutual loan guarantee amount was 150 million yuan, and the mutual guarantee amount in 1995 was 170 million yuan, and then increased to 200 million yuan. In order to reduce the risk of guarantee, in 1997, the company signed a loan mutual insurance contract with Sheng run company, and the mutual insurance amount was reduced to 100 million yuan. By the end of 1999, the company actually guaranteed it. balance It's 57 million yuan and HK $35 million.

In view of Sheng run corporate finance In order to completely solve the problem of the company's guarantee for Sheng run company, from 2002 to 2003, with the support of Shenzhen investment management company of the controlling shareholder at that time, after repeated consultations, all parties reached a debt repayment plan, and the debt payable by the company for Sheng run company was reduced to 28375497.36 yuan. After the company has paid the above debts, the guaranty liability shall be lifted. The above information is detailed in company Bulletin No. 2003-2 and annual reports from 2002 to 2005.

Two. Determination of creditor's rights

In August 24, 2010, the [127.18 -0.10%], which was appointed by the Shenzhen intermediate people's court, the managing director of Sheng run company, the Shenzhen Li Ke De liquidation Office Limited, issued the creditor's right notice of the company's declared creditor's rights.

(1) (2000) the creditor's rights that should be recognized in the civil judgment of No. 277 of the French classics in Sui Dynasty:

1, the principal amount is RMB 2073487.36 yuan;

2, the interest rate is RMB 236004.33 yuan (from May 16, 2008 to April 14, 2010, according to the one-year interest rate of the PBC's contemporaneous loans).

(two) (2002) the creditor's rights that should be recognized under the 8350th civil judgment of first class:

1, the principal amount is RMB 702010 yuan;

2, the interest rate is RMB 79902.78 yuan (from May 16, 2008 to April 14, 2010, according to the one-year interest rate of the PBC's contemporaneous loans).

(three) claims that should be identified under the agreement and the interest relief agreement.

1, the principal amount is RMB 25600000 yuan;

2, the interest rate is RMB 2913792 yuan (from May 16, 2008 to April 14, 2010, according to the one-year interest rate of the PBC's contemporaneous loans).

In summary, the manager of sunrun company claims that the total amount of the company's claims is RMB 31605196.47 yuan.

Three. Scheme and result of claims compensation

In the draft of the reorganization plan of Sheng run company, the creditor's compensation plan is: according to the claim of 100 yuan per RMB, 3.4353 shares of Sheng run company's A share will be paid. Among them, each claim of RMB 100 yuan received 3.4353 shares of Sheng run company A shares, including 0.3824 shares of tradable shares, 0.7586 shares of restricted stock that had reached the limit of sale period, 1.3342 shares of restricted stock sold to December 28, 2010, and 0.9601 shares restricted to December 28, 2011.

According to the above compensation scheme, the company's claim of 31605196.47 yuan for Sheng run company is A shares and 1085733 shares of Sheng run company.

Four. The influence of the items on the company.

In accordance with the accounting system, the company extracted the bad debts in full from 2002 yuan in the year of 2073487.36, and wrote off the bad debts for 2073487.36 yuan in 2004. The remaining 26302010 yuan was recorded in all phases of operating expenses from 2002 to 2005 respectively. The debt restructuring will increase the actual profits and losses in the light of the actual recoverable amount.

Five. Reference documents

1. Notice of creditor's rights examination (Sheng run heavy debt liability [2010] No. 044)

2, Guangdong Sheng run group Limited by Share Ltd reorganization plan draft

Notice hereby

Board of directors of Shenzhen textile (Group) Limited by Share Ltd

October 21st, two