The news of bankruptcy and reorganization came out half a month ago，Hebei 188bet sports betting Co., Ltd. (hereinafter referred to as "188bet sports betting"), the operator of the 5A-level scenic spot Yesanpo, insists that it is just a reorganization，No bankruptcy。

June 30，"China Times" reporter visited Yesanpo Scenic Area and 188bet sports betting Company site，Learned that multiple departments of Laishui County Government were meeting at 188bet sports betting Company，But the content of the meeting is unknown。According to the judgment document of Laishui County People’s Court，It has established a liquidation group，The liquidation team managers are composed of personnel from multiple government departments。

188bet sports betting said in an exclusive reply to a reporter from China Times: “Reorganization is not equivalent to ‘bankruptcy’ in the popular sense，It is an important opportunity for enterprises to avoid bankruptcy liquidation，Under the auspices and supervision of the court，Through sorting out the relationship between corporate creditor's rights and debts，Organization and regulation of enterprise operations，Adjustment of equity of various stakeholders，Finally achieved the goal of getting the company out of trouble，Purpose of rejuvenation。”

The significance of 188bet sports betting，In his reply to the China Times reporter: “188bet sports betting can enrich the channels for enterprises to obtain debt repayment funds，Optimize corporate equity structure，Standardize corporate corporate governance system，Introducing new strategic investors，Inject funds or high-quality assets into enterprises。”

The liquidation team has started

June 15，A judgment document from the People’s Court of Laishui County, Hebei Province has attracted widespread social attention，It said that 188bet sports betting was unable to repay its due debts，Applied for reorganization by creditors，The court notified Yesanpo Travel Investment Company on May 28，The latter has no objection。

June 30，A reporter from "China Times" found the door of 188bet sports betting Company closed in the office area，People come and go from time to time。The reporter asked multiple people，Most of them said they were not employees of the company，I came here for a meeting。There is a court car parked in front of the company，In addition, there are many official cars parked in the parking lot next to it。

The reporter called the Laishui 188bet sports betting official vehicle supervision phone number，The staff said: "There is something going on in our 188bet sports betting these days，Where are they concentrated，But I can’t tell you what exactly。”

According to the decision of Laishui County People’s Court on June 15，It has designated a liquidation team to serve as the manager of 188bet sports betting Travel Investment。Manager members include relevant leaders of Laishui County，And 188bet sports betting Scenic Area Management Committee、Public Security Bureau、Propaganda Department、Petition Bureau、Finance Bureau、Bureau of Human Resources and Social Security、Audit Bureau、Self-regulatory bureau、Housing and Urban-Rural Development Bureau、Approval Bureau、Market Supervision Bureau、Sanpo Town、Kowloon Town, etc.。

According to local media reports in Baoding，Corporate reorganization issues for 188bet sports betting Company，Laishui County Party Committee、The county government attaches great importance to it，Established the Standing Committee of Laishui County Committee、The deputy county magistrate in charge of the county government serves as the team leader，Relevant county leaders serve as deputy team leaders，Yesanpo Management Committee took the lead in setting up a special class，Finance、Audit、Credit and debt settlement working group jointly formed by the Finance Office and other relevant departments。

Bankruptcy or 188bet sports betting?

So how much debt does 188bet sports betting have？How is the business situation?？Displayed according to the above-mentioned judgment documents，Yesanpo Travel Investment has about 3 fixed assets.8.4 billion yuan，Intangible assets about 9.2.1 billion yuan，Total assets 13.0.4 billion yuan，Currently financial liabilities are more than 700 million yuan，Lease financial borrowings payable when due、Short-term borrowing、The total amount of project payment payable is more than 200 million yuan，Total more than 900 million yuan，The current debt ratio is 69%。

And Yesanpo Brigade Investment reported to the court that the reason for its losses was: “1、Infrastructure investment is too large，Construction funds mainly rely on loans from bank financial leasing companies，Financial liabilities of more than 700 million yuan，Financial expenses account for a large proportion of all expenses；2、Most of the assets are basic service facility assets，Depreciation and maintenance fees account for a large proportion of expenses；3、The returns on all investment project construction are supported by ticket revenue，The ticket revenue of 188bet sports betting companies is growing slowly，Not enough to support all expenses；4、The company has few profitable projects，Input growth depends only on scenic spot tickets，It is difficult for the company’s revenue to grow rapidly in the short term。”

Laishui County People’s Court believes，188bet sports betting currently clearly lacks solvency，Accepted the creditor’s reorganization application against 188bet sports betting。

As soon as this news came out，The media have reported that，188bet sports betting is going bankrupt and reorganized，And lists multiple creditor information，Most of them are financial leasing companies。

In response to this matter，The reporter interviewed Yesanpo Management Committee and 188bet sports betting Company，Both insist，“188bet sports betting is not bankrupt，But reorganization。”

For this，A person in charge of press reception at 188bet sports betting made a special distinction to reporters，“Reorganization is not the same as ‘bankruptcy’ in the popular sense，It is an important opportunity for enterprises to avoid bankruptcy liquidation。"He told reporters the positive significance of the company's reorganization: "1、It can protect the company’s operations during the reorganization period from being affected by civil enforcement procedures to the greatest extent，Maintain the healthy operation of the scenic spot during the reconstruction period；2，Reorganization can be achieved and will be binding on all creditors after approval by the court，All corporate debts are classified and handled in accordance with the law and in accordance with the reorganization plan；3、Reorganization can enrich the channels for enterprises to obtain debt repayment funds，Optimize corporate equity structure，Standardize corporate corporate governance system，Introducing new strategic investors，Inject funds or high-quality assets into enterprises；4、Enterprises can continue to operate during reorganization，Enterprise employees can continue to work and receive labor remuneration and enjoy social insurance，Conducive to protecting the rights and interests of workers and maintaining social stability。”

Business difficulties highlighted during the epidemic

188bet sports betting Travel Investment, which is already unable to make ends meet，Business difficulties have become more prominent under the epidemic。

June 30，"China Times" reporter came to 188bet sports betting Scenic Area，This 5A-level scenic spot that was once popular among tourists from Beijing, Tianjin and Hebei，Becoming very depressed。The huge tourist service center is empty，There is only one ticket seller at the front desk。She told reporters: “The overall feeling is that I am not as nervous as in previous years，From the beginning of the epidemic，The village is closed，No tourists either，We work in shifts，Take a break when it’s time to take a break，Go to work when you have to go to work。Not just our unit，In fact, they are all the same，Incomparable to previous years。The scenic spot opened on June 1st，There were still some tourists in the first week，But since the epidemic started in Xinfadi, Beijing，There are fewer tourists。Now the leader asks us to protect ourselves，Visitors from Beijing must have a nucleic acid certificate test。”

She also said: “The 188bet sports betting is still operating normally，There are only few tourists。”

The reporter visited Bailixia operated by 188bet sports betting、Longmen Tianguan、Baicaoside、Yugudong、Recreation and entertainment projects along the Juma River，All open，But there are basically no tourists。The combined ticket for these attractions is 150 yuan，If purchased individually，Bailixia 100 yuan，Yugudongquan 65 yuan、Longmen Tianguan 50 yuan、Baicaopan 60 yuan。

A local hotel business owner told reporters: “Now (tourists) generally only choose one attraction，188bet sports betting are relatively few people buying joint tickets。”

The staff of 188bet sports betting Scenic Area said: “If (tourists) are coming from Beijing，Need to bring nucleic acid test negative certificate and ID card。”

*Source of this 188bet sports betting:188bet sports betting, author: Li Future, original title：《5A Scenic Spot 188bet sports betting has begun reorganization and liquidation，Exclusive response from the operator: New strategic investors will be introduced》.