DFSS(SH:603377) Zheng Quan Zhi Xing·2025-07-10 12:17Core Viewpoint - The Beijing First Intermediate People's Court has decided to initiate a pre-restructuring process for Oriental Fashion Driving School Co., Ltd. and appointed a temporary administrator during this period [1][4]. Group 1: Pre-restructuring Overview - The company has been unable to repay its due debts and lacks clear repayment capability, which led to the restructuring application by Beijing Guofeng Jianye Construction Engineering Co., Ltd. [4] - The court's decision to initiate pre-restructuring does not guarantee that the company will formally enter the restructuring process [2][4]. Group 2: Financial Issues - As of December 31, 2024, the controlling shareholder, Oriental Fashion Investment Co., Ltd., and its affiliates have non-operationally occupied approximately 387 million yuan of the company's funds [3][9]. - The company failed to rectify the fund occupation and guarantee issues within the mandated six-month period, which could lead to a trading suspension of its stock and convertible bonds starting June 20, 2025 [3][9]. Group 3: Temporary Administrator Responsibilities - The court has appointed the liquidation team of Oriental Fashion Driving School Co., Ltd. as the temporary administrator, with specific responsibilities including investigating the company's financial status and supervising compliance with the court's regulations [5][6]. Group 4: Impact of Pre-restructuring - The initiation of pre-restructuring is expected to facilitate early communication and negotiation with creditors and potential investors, which may enhance the likelihood of a successful restructuring [6]. - The company will continue its daily operations while cooperating with the court and the temporary administrator to address debt risks and improve its financial structure [6].