*ST交投：重整草案亮点多 经营质效改善可期

Core Viewpoint - *ST Jiaotou is undergoing a judicial restructuring to optimize its debt structure, improve operational efficiency, mitigate delisting risks, and ensure the protection of the rights of creditors, small investors, and employees [1] Group 1: Restructuring Plan Features - The restructuring plan includes a capital increase of 14.50 shares for every 10 shares held, aimed at attracting new investment, repaying debts, and enhancing liquidity [2] - The plan balances the interests of shareholders and creditors, allowing for potential future value appreciation while avoiding shareholder losses due to delisting [2] - New investors will improve corporate governance, with a 36-month lock-up period for industrial investors to demonstrate confidence in the company's long-term development [2] Group 2: Debt Repayment Strategy - The debt repayment plan addresses both secured and unsecured creditors, with secured debts remaining unchanged and unsecured debts being repaid through a combination of cash and stock options [3] - Three repayment options are provided for unsecured debts over 50,000 yuan, catering to different risk preferences of creditors [3] Group 3: Trust Asset Management - The restructuring involves a trust plan to divest 21 underperforming assets to offset some debts, with financial investors subscribing to 34 million yuan of trust assets, marking a first in recent restructuring cases [4] - The industrial investor, Yunnan Jiaotou Group, plans to inject high-quality assets into *ST Jiaotou post-restructuring, focusing on green energy and related sectors [4] Group 4: Speed and Innovation - The restructuring process from pre-restructuring registration to the release of the plan took only two months, setting a record for speed among newly applied pre-restructuring companies this year [5] - The innovative practices of *ST Jiaotou provide new insights for the reform of state-owned enterprises in Yunnan and serve as a reference for similar distressed companies [5]