NBSS(SH:600884) Xin Lang Cai Jing·2025-10-21 14:49Core Viewpoint - The third creditors' meeting for the bankruptcy reorganization of Sany Group and Pengze Trade was held on October 21, focusing on the review of the reorganization plan draft, with the voting process initiated for creditors [1][5] Group 1: Reorganization Process - The reorganization plan draft has been approved by both creditor and investor voting groups and will take effect upon court approval [1] - Saimaco Advanced Materials Co., Ltd. has filed a lawsuit to declare the previously signed reorganization investment agreement invalid, claiming exclusion from the agreement [1][3] - The reorganization investment agreement was signed by Sany Group's controlling shareholder and other non-member entities, excluding Saimaco [3][4] Group 2: Financial Status - As of June 30, 2025, Sany Group's total assets were 49.912 billion, with total liabilities of 57.48 billion, resulting in a debt-to-asset ratio exceeding 115% [5] - The equity of Sany shares is considered the most manageable asset for the reorganization [5] Group 3: Investor Dynamics - Saimaco was initially part of a consortium with Jiangsu Xinyangzi Trading Co., which was selected as the reorganization investor after two rounds of selection [3][8] - The final reorganization investor consortium includes Jiangsu Xinyangzi, New Yang Ship Investment Co., and others, with Saimaco claiming it has the necessary industry synergy with Sany shares [8][9] - The selection process involved 17 groups, with three groups advancing to competitive negotiations [6][7] Group 4: Legal and Procedural Implications - The third creditors' meeting acknowledged Saimaco's lawsuit, with discussions on the validity of the investment agreement and its implications for the reorganization plan [6][9] - Legal proceedings may affect the current reorganization plan's progress, depending on the court's acceptance of Saimaco's claims [9][10]