NBSS(SH:600884) Mei Ri Jing Ji Xin Wen·2025-11-03 16:37Core Viewpoint - The restructuring plan for Singshan Group, led by private shipping tycoon Ren Yuanlin, has been halted due to the failure to gain approval from key creditor groups, indicating significant challenges in the restructuring process [1][4]. Restructuring Plan Details - The proposed restructuring plan aimed for a total acquisition price of 3.284 billion yuan to gain control of 23.36% of Singshan shares through a combination of direct and indirect acquisitions, as well as voting rights delegation [2][3]. - The plan included a direct stock purchase of 9.93% of Singshan shares for 2.555 billion yuan by a newly established investment platform, with TCL Investment acquiring an additional 1.94% for 500 million yuan [2][3]. Voting Outcome - The third creditors' meeting resulted in the rejection of the restructuring plan, primarily due to dissatisfaction among creditors regarding repayment ratios and conflicting interests among different creditor groups [4][5]. - The voting process required a majority agreement from each group, with financial stakes needing to exceed two-thirds for approval [3]. Future of Restructuring - Following the rejection, Singshan Group's restructuring process may need to start anew, as all three major creditor groups failed to approve the plan, complicating potential negotiations [5][6]. - The restructuring management will continue to advance the process according to bankruptcy laws, but the likelihood of a forced court ruling to approve the plan is considered low due to the company's size and complexity [6]. Complications from External Parties - The involvement of Saimaike Advanced Materials Co., which raised concerns before the creditors' meeting, has added complexity to the situation, with claims of being sidelined during the selection process [7][8]. - There are indications that a mysterious orchestrator initially involved in the restructuring may need to secure additional funding to continue participating in the process [8].