Di Yi Cai Jing·2025-11-20 14:32Core Viewpoint - The company Huaxia Happiness is facing a pre-restructuring process initiated by a creditor due to an unpaid engineering fee 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][4]. Group 1: Restructuring Process - Huaxia Happiness has been subjected to a pre-restructuring application 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, and the court's decision on the restructuring will depend on the company's financial assessments within 3 to 4 months [4][5]. Group 2: Internal Disputes - Board member Wang Wei has publicly expressed his lack of knowledge regarding the pre-restructuring announcement and has filed a complaint with regulatory authorities, citing violations of corporate governance procedures [3][6]. - Wang Wei has previously opposed significant asset impairment measures, indicating ongoing disagreements within the board regarding financial management and decision-making [7][10]. Group 3: Financial Context - Huaxia Happiness has been struggling with significant financial issues, 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 [11]. - The company has already signed restructuring agreements for 192.669 billion yuan of its debts, but the recent pre-restructuring application by a small creditor highlights potential vulnerabilities in its debt management strategy [11][12]. - The asset replacement plan, which involved transferring significant assets to a related entity for a nominal fee, has raised concerns among creditors about the fairness and implications for debt recovery [8][9].