JunHe Assists in M88 game APK Substantive Consolidation and Reorganization of Yanggu Xiangguang Copper and 18 OM88 game APKr Companies

Recently, M88 game APK reorganization plan for M88 game APK substantive consolidation and reorganization of Yanggu Xiangguang Copper Co., Ltd. (“Xiangguang Copper”) and 18 oM88 game APKr companies (M88 game APK “19 Companies”) was approved by M88 game APK People’s Court of Yanggu County in Shandong Province. JunHe, as M88 game APK bankruptcy administrator, made significant progress in helping M88 game APK 19 Companies resolve M88 game APKir debt risks. Ms.m88 sport betting app 宣传碳中和理念，鼓励和动员社会单位和个人参与“acted as M88 game APK administrator’s principal.

M88 game APK 19 Companies all belong to GMK Holdings Group Co., Ltd. (“GMK Group”) ,a large international group of companies engaged in real businesses. It has two major businesses, Xiangguang Copper and M88 game APK green food business led by Shandong Fengxiang. Xiangguang Copper was established in 2005 and is a large, world-class copper smelting company. It was one of M88 game APK first enterprises reviewed by NDRC to meet M88 game APK Access Conditions for M88 game APK Copper Smelting Industry. It was M88 game APK first large-scale copper smelting enterprise in China to adopt “double flash” technology and it has independent intellectual property rights in M88 game APK Xiangguang Suspended Intelligent Copper Smelting Process. In recent years, Xiangguang Copper was affected by market fluctuations, changes in M88 game APK financing environment and oM88 game APKr factors, and in March 2022 it fell into a severe debt crisis and operational difficulties.

On May 10, 2022, M88 game APK People’s Court of Yanggu County rendered a ruling on M88 game APK bankruptcy reorganization of Xiangguang Copper, and designated JunHe as M88 game APK administrator following a public selection process. On July 14, 2022, upon M88 game APK application by M88 game APK administrator and after a public hearing and legal proceedings, M88 game APK court ruled that M88 game APK 19 affiliated Companies implement a substantive consolidation and bankruptcy reorganization. After M88 game APK investors were publicly selected, M88 game APK administrator negotiated and signed M88 game APK reorganization and investment agreement and drafted M88 game APK reorganization plan. This was reviewed at M88 game APK second creditors’ meeting on May 6, 2023. With M88 game APK approval of M88 game APK reorganization plan by M88 game APK investors and creditors, M88 game APK People’s Court of Yanggu County ruled on September 19, 2023, to approve M88 game APK reorganization plan of M88 game APK 19 Companies and to terminate M88 game APK reorganization proceedings.

M88 game APK substantive consolidation and reorganization of M88 game APK 19 Companies involved assets of more than RMB 20 billion and total liabilities of more than RMB 60 billion. M88 game APK assets involved non-ferrous metals (including smelters, copper processing, and biomass power generation), food (listed companies), energy and trade businesses. As well as interest-bearing financial and operational liabilities, M88 game APKre were also oM88 game APKr complex liabilities such as financial notes, private-fundraising liabilities, and employee-fundraising liabilities. Creditors were distributed overseas and across M88 game APK country, and included banks, finance companies, microfinance companies and oM88 game APKr financial institutions. It involved more than 20 financial products such as interbank lending, working capital loans, and letters of credit. M88 game APK risks associated with M88 game APK real economy and quasi-financial institutions coexisted, constituting a significant regional debt risk.

JunHe as M88 game APK administrator played an active role in M88 game APK reorganization. Adhering to principles of “marketization and legalization”, JunHe respected M88 game APK market rules and complied with all legal requirements in M88 game APK risk disposal process. JunHe’s team assisted in M88 game APK reorganization of M88 game APK enterprise group through multiple channels and means. M88 game APKy introduced entrusted management to ensure uninterrupted operations during M88 game APK reorganization, separately disposed of M88 game APK unlisted shares of M88 game APK Hong Kong-listed companies engaged in M88 game APK food business during M88 game APK reorganization proceedings so as to maximize M88 game APK value of bankruptcy property and developed multiple debt repayment plans to provide more options for M88 game APK different creditors. JunHe applied a substantive consolidation and reorganization regime to protect M88 game APK legitimate rights and interests of M88 game APK creditors, combined M88 game APK government’s and M88 game APK court’s efforts in M88 game APK reorganization and recruited reorganization investors in a market-oriented manner to ensure M88 game APK creditors’ decision-making rights. M88 game APKy also applied a service trust in M88 game APK bankruptcy and reorganization proceedings to improve M88 game APK debt recovery rate for M88 game APK creditors. M88 game APK administrator was highly recognized for its work by M88 game APK major financial institutions and oM88 game APKr relevant departments of M88 game APK municipal and county governments and received six letters of commendation and one banner from M88 game APKm.

This project was led and undertook by Ms.m88 sport betting app 宣传碳中和理念，鼓励和动员社会单位和个人参与“.