21独家｜杉杉重整风波乍起，重整投资人惊现狸猫换太子

Core Viewpoint - The restructuring case of Shanshan Group is facing complications as the qualification of one of the selected investors, Saimeike Advanced Materials Co., Ltd., was unexpectedly changed to a fund under TCL without their knowledge, prompting Saimeike to request a delay in the creditor voting process [1][2][3]. Group 1: Restructuring Process - The restructuring investors were narrowed down from 17 to 3, with the final investors being a consortium led by BOE Technology Group, China National Building Material Group, and a consortium including Saimeike [2]. - Saimeike was unaware of the changes to the restructuring investment agreement until a public announcement was made, which indicated that TCL's fund was now part of the agreement [2][3]. - Saimeike's lawsuit claims that the management's actions to change the consortium members without consent violated the principles of fairness and transparency in the selection process [3]. Group 2: Allegations of Misconduct - Allegations have surfaced regarding the initial bidding process, suggesting that Saimeike was the first to bid and later invited New Yangzi Commerce to join, contradicting claims that New Yangzi was the original bidder [4]. - Saimeike's involvement was intended to enhance the consortium's capital strength and market influence, as it is a significant player in the special graphite materials sector [5]. - Concerns were raised about the rushed timeline for due diligence, which limited the ability of other investors to assess the investment proposal effectively [6]. Group 3: Financial Implications - The restructuring plan allows investors to acquire 23.36% of Shanshan's shares through various methods, with a direct purchase of 9.93% of shares at a price of 25.55 billion yuan [7]. - The investors are expected to gain a market value increase of approximately 5.453 billion yuan based on the current share price, which is significantly higher than the acquisition price [8]. - Ordinary creditors are likely to face low recovery rates, with total claims amounting to 281.19 billion yuan against the limited assets available for liquidation [9].