NBSS(SH:600884) Mei Ri Jing Ji Xin Wen·2025-11-05 14:50Core Viewpoint - The restructuring plan for Singshan Group, led by private ship king Ren Yuanlin, has been put on hold as the draft plan failed to pass the creditor vote, indicating significant challenges in the restructuring process [1][6]. Group 1: Restructuring Plan Details - The restructuring plan was proposed by a consortium led by Jiangsu Xinyangzi Trading Co., Jiangsu Xinyang Ship Investment Co., China Orient Asset Management Co., and Xiamen TCL Technology Industry Investment Partnership, aiming to acquire 23.36% of Singshan's shares for a total price of 3.284 billion yuan [4]. - The plan included direct stock purchases, indirect acquisitions through a partnership, and a delegation of voting rights to the investment holding platform [4][5]. - The creditor groups that did not approve the plan included secured creditors, ordinary creditors, and investors, primarily due to dissatisfaction with the repayment ratios [5]. Group 2: Future of Restructuring - With the failure of the restructuring plan, Singshan Group's future restructuring process may need to start over, as all three major creditor groups rejected the proposal [7]. - The management can negotiate with the creditor groups that did not approve the plan, but the current situation suggests that the issues may not be easily resolved [7]. - Legal experts indicate that a court-mandated approval of the restructuring plan is unlikely due to the size of Singshan Group, suggesting a complete reevaluation of the restructuring strategy [7]. Group 3: Complications from Other Stakeholders - The involvement of Saimico Advanced Materials Co. has complicated the situation, as they claimed to have been unfairly excluded from the restructuring process [8]. - There are indications that the mysterious organizer behind the consortium may need to secure additional funding to continue participating in the restructuring [9]. - Communication issues and unmet demands from the mysterious organizer have contributed to the tensions surrounding the restructuring efforts [9].