杉杉集团重整突变，原中选投资人离奇出局，火速诉讼，更多暗箱操作曝光

Core Points - The restructuring case of Singshan Group is approaching the final creditor voting stage, but complications have arisen regarding the restructuring investors [1][2] - A dispute has emerged involving the exclusion of a key investor, Saimaike Advanced Materials Co., Ltd., from the restructuring agreement, which has led to a request for a delay in the creditor voting [2][10] Group 1: Restructuring Process - The restructuring investors were selected through a competitive process, with Saimaike being part of a consortium that was initially successful in the bidding [10] - However, Saimaike discovered that its qualification as a restructuring investor was changed without its knowledge, leading to TCL's investment fund being included instead [2][11] - Saimaike claims that the management's actions violated the agreed-upon restructuring investment plan and harmed its rights to participate and benefit from the investment [3][4] Group 2: Financial Implications - The stock price of Singshan shares has surged, reaching a peak of 15.65 yuan per share in September 2025, significantly higher than the bidding price of 11 yuan per share, indicating potential substantial profits for the restructuring investors [3][16] - The restructuring plan allows investors to acquire 23.36% of Singshan's voting rights through a combination of direct purchases and partnerships, with a total transaction value of approximately 30.55 billion yuan [16] - The restructuring investors are expected to gain a market value increase of approximately 5.453 billion yuan from the shares acquired, excluding any additional purchases that may be determined later [16] Group 3: Creditor Concerns - The total secured debts involved in the restructuring amount to 53.24 billion yuan, while ordinary debts reach 281.19 billion yuan, raising concerns about the low repayment rates for ordinary creditors [17] - There is dissatisfaction among creditors regarding the proposed repayment plan, which is perceived as inadequate compared to earlier offers from other potential investors that were excluded due to industry collaboration requirements [17][18] - The restructuring process has faced criticism for its lack of transparency and fairness, with allegations of "dark box operations" affecting the evaluation and selection of investors [13][14]