独家|债主、中介质疑百亿债权真实性，这家500强民企重整陷僵局？

Core Viewpoint - A significant debt dispute involving over 100 billion yuan is emerging in the bankruptcy restructuring case of Chongqing Caixin Enterprise Group Co., Ltd. (Caixin Group), with claims from related parties and external units raising concerns among creditors about the legitimacy of these claims [1][2][19]. Group 1: Debt Dispute and Restructuring Process - The debt claims submitted during the restructuring process have reached a total of 453.91 billion yuan, significantly exceeding initial market estimates of around 260 billion to 265 billion yuan [5][19]. - The restructuring process has been stalled due to disputes over the legitimacy of these claims, with creditors expressing concerns that confirmed claims could severely deplete limited repayment resources [2][19]. - The restructuring plan's voting deadline has been extended to January 9, 2026, due to internal approval processes among creditors [4]. Group 2: Allegations of Related Party Transactions - Many of the companies submitting claims are found to have connections with Caixin Group, with some shareholders being current or former employees of the group [1][11]. - A total of 178.13 billion yuan in other payables to related parties and external units has been identified, with a significant portion of these amounts being claimed as debts [6][15]. - The audit and evaluation institutions have raised concerns about the authenticity of these claims, stating that the evidence provided is insufficient to determine the true nature of the transactions [15][16]. Group 3: Implications for Creditors - The presence of related party claims could allow those entities to dominate the voting process in the restructuring plan, potentially disadvantaging ordinary creditors [19][20]. - Legal experts suggest that if mutual debts exist between related parties, they should be offset against each other, but this has not been implemented in the current restructuring process [17]. - Many creditors are preparing to formally object to the restructuring plan, fearing it may facilitate debt evasion by the controlling parties [19][20].