杉杉集团重整计划搁浅，任元林的“小算盘”落空了

Core Viewpoint - The restructuring plan for Suning Group has failed to pass due to creditor dissatisfaction with the repayment ratio, leading to uncertainty about the company's future [4][5][9]. Group 1: Restructuring Plan Outcome - The creditor meeting concluded that the restructuring plan for Suning Group was not approved, indicating that the plan will be shelved [5]. - The proposed plan involved a consortium led by Jiangsu New Yangzi Trade, aiming to acquire 23.36% of Suning shares for approximately 3.284 billion yuan, but it did not gain the necessary support [9][11]. Group 2: Creditor Opposition - The failure of the restructuring plan was primarily due to three opposing forces: the secured creditor group, the ordinary creditor group, and the investor group [8]. - Creditors expressed dissatisfaction with the proposed repayment terms, which were seen as inadequate compared to the market value of the shares [9][11]. Group 3: Market Reactions and Implications - Prior to the vote, Suning's stock price had risen above 13 yuan, creating a significant premium over the proposed acquisition price of 11.44 yuan per share, leading to further discontent among creditors and shareholders [11]. - The involvement of Jiangsu New Yangzi Trade, which lacks direct business overlap with Suning, raised concerns about the consortium's commitment and understanding of the company's core operations [14][17]. Group 4: Future of Restructuring - The rejection of the restructuring plan may necessitate a complete reevaluation of the restructuring process, as significant time has already been consumed without clear direction [17][20]. - The restructuring management team has been criticized for lacking a coherent strategy for Suning's future, prompting calls for a reassessment of their approach [17][18].