CFLD(SH:600340) Di Yi Cai Jing·2025-11-20 12:09Core Viewpoint - The company Huaxia Happiness is undergoing a pre-restructuring process initiated by a creditor due to an outstanding debt of 4.1716 million yuan, which has led to internal disputes regarding the legitimacy of the restructuring process and governance issues within the board [2][3][5]. Group 1: Restructuring Process - Huaxia Happiness has been applied for pre-restructuring by Longcheng Construction, which is owed 4.1716 million yuan for municipal engineering work [3][4]. - The court has accepted the pre-restructuring application, and a temporary management team has been appointed to oversee the process [4]. - The deadline for creditors to submit their claims is set for December 18, which includes various types of debts [4]. Group 2: Internal Disputes - Board member Wang Wei publicly expressed his lack of knowledge regarding the pre-restructuring announcement and has filed a complaint with regulatory authorities about procedural compliance [3][6]. - Wang Wei has previously opposed significant asset impairment measures, indicating ongoing disagreements within the board regarding financial management and governance [7][8]. Group 3: Financial Implications - The company has faced significant financial challenges, including a reported loss of 39 billion yuan in 2021, leading to a complex debt restructuring plan involving 219.2 billion yuan in financial debts, of which 192.669 billion yuan has been signed for restructuring [10][12]. - The restructuring plan has raised concerns among creditors, particularly regarding the treatment of smaller debts and the execution of previously agreed-upon terms [11][12]. Group 4: Market Reactions and Future Outlook - The ongoing restructuring process may lead to extended repayment periods for creditors and increased uncertainty regarding debt recovery rates [5]. - If the court determines that the company lacks restructuring value, it may reject the application, potentially leading to bankruptcy proceedings [5][13].