Total liabilities are 6.48 billion yuan! Shenyang Municipal Group went bankrupt!

2025, the bankruptcy of Shenyang Municipal Group followed!

Shenyang Municipal Administration Group Co., Ltd. (Hereinafter referred to as "Shenyang Municipal Administration Group") released the Report on the Voting Results of the First Creditors' Meeting:

the first creditors' meeting of the bankruptcy reorganization case of Shenyang Municipal Administration Group was held at 9:00 on March 18, 2025 by way of online meeting.

The meeting should be attended by 686 creditors, 660 with voting rights, and the total amount of creditor's rights without property guarantee is 1.85 billion yuan.

The results showed that the "Property Management Plan", the "Bill on the Election and Establishment of the Creditor Committee" and the "Bill on the Notice of the Creditor Meeting, the Form of the Meeting and the Rules of Procedure" were all passed.

This also marks that the bankruptcy reorganization procedure of Shenyang Municipal Group has entered a substantive stage of advancement.

The data show that as of December 31, 2023, the total assets of Shenyang Municipal Group are 5.61 billion yuan, the total liabilities are 6.48 billion yuan, the total liabilities are greater than total assets of 870 million yuan, the asset-liability ratio is 115.44%, the accumulat ed undistributed profit (loss) is-1.24 billion yuan, which is insolvent. It is unable to repay the debts due and unable to continue to operate. The balance sheet submitted by

Shenyang Municipal Group as of September 30, 2024 shows that the total assets of the enterprise are 5.89 billion yuan, the total liabilities are 6.86 billion yuan, and the total owner's equity is-970 million yuan.

Shenyang Municipal Group is a municipal construction enterprise with a long history and an important position in the industry. Its development process and restructuring process reflect the typical path of state-owned enterprise reform.

According to the official profile of the enterprise, Shenyang Municipal Group can be traced back to the municipal construction organization established in 1948, but it was formally established in 1953 under the name of "Shenyang Municipal Construction Engineering Company". This stage is the period of early nationalization operation of enterprises.

The current registration information of enterprise legal person shows that the company was established on April 7, 1995 with a registered capital of 1 billion yuan.

In 2007, the former Shenyang Municipal Construction Engineering Company completed the joint-stock reform, formally renamed "Shenyang Municipal Group Co., Ltd.", and adjusted the ownership structure and registered capital.

The company has construction qualifications such as special grade of general contracting for municipal public works construction, first grade of general contracting for construction engineering construction, first grade of general contracting for highway engineering construction, first grade of professional contracting for bridge engineering, first grade of professional contracting for highway pavement engineering and first grade of professional contracting for highway subgrade engineering.

The company consists of four business departments, four regional companies, and nine subsidiaries, including metro segments, quality inspection, foundation engineering, landscaping, municipal roads and bridges, and mechanical processing.