NBSS(SH:600884) Mei Ri Jing Ji Xin Wen·2025-11-04 08:11Core Viewpoint - The restructuring plan for Singshan Group, led by private shipping tycoon Ren Yuanlin, has been rejected, halting the merger process with Singshan Group [1][2] 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 [3][4] - The plan included a direct acquisition of 9.93% of Singshan shares for 2.555 billion yuan by a newly established partnership, with TCL Investment acquiring 1.94% for 500 million yuan [3][4] Voting Outcome - The creditor groups, including secured creditors, ordinary creditors, and investors, did not approve the restructuring plan due to dissatisfaction with the repayment ratios and irreconcilable interests among the parties involved [5][6] Future of Restructuring - Following the rejection of the restructuring plan, Singshan Group's restructuring process may need to start over, with potential negotiations between the debtor and the disapproving creditor groups [6][7] - Legal experts suggest that a court-mandated approval of the restructuring plan is unlikely due to the size of Singshan Group and the potential impact of such a decision [7][8] Complications from External Parties - The involvement of Saimico Advanced Materials Co., Ltd. has complicated the situation, as they claimed to have been excluded from the bidding process, raising questions about the integrity of the restructuring process [9][10] - It has been suggested that a mysterious orchestrator initially facilitated the entry of New Yangzi into the restructuring process, indicating a complex web of interests and potential conflicts [9][10]