“民营船王”重整杉杉集团计划草案被否 知情人士：多方利益诉求难以调和 不排除重新遴选的可能

Core Viewpoint - The restructuring plan for Singshan Group, led by the private shipping king Ren Yuanlin, has been terminated due to failure to gain approval from key creditor groups [2][3][6] Restructuring Plan Details - The proposed restructuring plan aimed for a total acquisition price of 3.284 billion yuan to control 23.36% of Singshan shares through a combination of direct and indirect acquisitions and voting rights delegation [4] - The plan included direct stock purchases, with New Yangzi and New Yang Ship establishing a partnership to acquire 9.93% of Singshan shares for 2.555 billion yuan, while TCL Investment would acquire 1.94% for 500 million yuan [4] - Indirect acquisition was also part of the plan, with a subsidiary of New Yangzi set to form a partnership to acquire an additional 0.89% of shares [4] Voting Outcome - The third creditors' meeting was held online, with voting completed on October 30, requiring a majority agreement and over two-thirds of the monetary amount for approval [5] - The creditor groups representing secured debts, ordinary debts, and investors did not approve the proposed plan [6] Reasons for Rejection - The core reason for the rejection was dissatisfaction among creditors regarding the repayment ratio, with conflicting interests making negotiations difficult [7] Future of Restructuring - Following the rejection of the restructuring plan, Singshan Group's restructuring process may need to start over, as all major creditor groups failed to approve the proposal [8] - The management may negotiate with the disapproving groups for a revised vote, but the lack of approval from all three major groups complicates the situation [8] - Court intervention for a forced ruling on the restructuring plan is considered unlikely due to the potential impact on such a large enterprise [9] Complications from External Parties - The involvement of Saimico Advanced Materials Co., Ltd. has added complexity to the situation, as they claimed to have been sidelined during the restructuring process [10] - Allegations of miscommunication and hidden agendas have surfaced, indicating that New Yangzi was initially acting on behalf of a mysterious organizer [10][11]