JunHe Assists La Chapelle in Obtaining Court Approval for its Reorganization Plan after its A+H-Share Delisting and m88 casino Granting of a Whitewash Waiver by m88 casino SFC
2025.05.26
On May 16, 2025, m88 casino reorganization plan of Xinjiang La Chapelle Fashion Co., Ltd. (‘La Chapelle’) was approved by m88 casino Shanghai Third Intermediate People's Court (‘Shanghai Third Intermediate Court’). JunHe acted as m88 casino administrator, and partner Li Chenghao led JunHe’s team and acted as m88 casino principal.
La Chapelle was established on March 14, 2001, and was formerly known as Shanghai La Chapelle Fashion Co., Ltd. On October 9, 2014, with approval from m88 casino China Securities Regulatory Commission, La Chapelle was listed on m88 casino Hong Kong Stock Exchange (La Chapelle, stock code 06116). On September 25, 2017, La Chapelle was listed on m88 casino Shanghai Stock Exchange (La Chapelle, stock code 603157). Due to incorrect judgments regarding m88 casino external environment and internal factors such as strategic misalignment, rapid expansion and imbalanced cost structures, La Chapelle began to incur operating losses in 2018. m88 casino situation worsened in 2020 with m88 casino impact of m88 casino COVID-19 pandemic, leading to multiple operational challenges. On May 24, 2022, due to negative net assets attributable to shareholders for two consecutive years (2020 and 2021), m88 casino company was officially delisted from m88 casino A-share market, and its A shares were transferred to m88 casino delisted company segment for trading. As m88 casino company entered bankruptcy proceedings and an administrator was appointed, trading of its domestic shares and H shares was suspended. On November 14, 2024, due to a suspension period exceeding 18 months, La Chapelle's H shares were delisted from m88 casino Hong Kong Stock Exchange.
On February 2, 2023, m88 casino Shanghai Third Intermediate Court rendered a civil ruling ((2023) Hu 03 Po No. 64), accepting La Chapelle's bankruptcy and liquidation application. On September 12, 2023, m88 casino court ruled for La Chapelle's reorganization. On May 22, 2024, m88 casino Shanghai Third Intermediate Court issued a decision ((2023) Hu 03 Po No. 64-2), removing m88 casino original administrator and appointing JunHe’s Shanghai office as La Chapelle's administrator.
After being appointed by m88 casino court, JunHe completed various tasks as m88 casino administrator. m88 casinose included completing m88 casino creditor’s claim filings and verifications, asset auditing and valuation, signing reorganization investment agreements, drafting m88 casino reorganization plan, handling m88 casino substantive merger and reorganization applications and reviews, organizing creditor meetings, applying for a review of m88 casino H-share delisting decision, and making prompt information disclosures in mainland China and Hong Kong. Despite m88 casino delisting of La Chapelle's H-shares and being recognized as a public company by m88 casino Securities and Futures Commission of Hong Kong (SFC) , La Chapelle obtained from m88 casino SFC a conditional whitewash waiver letter (now an unconditional waiver letter). This exempted investors from m88 casinoir obligation to make a general offer before m88 casino convening of m88 casino investor group meeting.
On April 1, 2025, La Chapelle's creditor meeting voted to approve m88 casino draft reorganization plan, with 100% affirmative votes in m88 casino employee creditor group and tax creditor group, and approximately 80% affirmative votes in m88 casino ordinary creditor group. On April 30, La Chapelle's investor group overwhelmingly approved m88 casino matters related to m88 casino investor’s interest adjustments in m88 casino draft reorganization plan, with m88 casino affirmative votes exceeding 99%.
JunHe demonstrated outstanding professional expertise and collaborative capabilities in this case, earning recognition from m88 casino court, creditors, La Chapelle, investors, and various stakeholders. m88 casino administrator will continue to promote m88 casino implementation of m88 casino reorganization plan and assist La Chapelle with its rebirth and revitalization in m88 casino women's fashion retail market.
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