Delisting deadline less than March *ST Suri faces “moment of life and death”

Polaris solar PV net news: *ST Super day attracted the attention of the market restructuring, usher’s last game before delisting deadline arrives. On October 23, *ST Suri will convene a second meeting of creditors, all creditors will review the voting of the Shanghai chaori solar energy science and technology company limited the draft plan (hereinafter referred to as “reorganization plan”), *ST Suri contributors (as of October 20, the cards in Shenzhen *ST Suri registered shareholders) will vote on the reorganization plan adjustment of investor rights.

In accordance with the relevant regulations, losses for three consecutive years from *ST Suri must be completed before December 31, reforming, “shell” does not exit. According to the Jiangsu GCL’s reorganization plan, 11 Super jgbs (total size of 1 billion yuan, and coupon 8.98%) bond holders after the reorganization plan passed the basic full principal and interest payment. However, multiple external supplier creditors *ST Suri, the proportion of debt reorganization plan proposed in 20% expressed dissatisfaction. Previously, creditors 25 suppliers in Suzhou, issued a joint statement, demanding reimbursement percentage increased from 20% to 45%.

China Securities journal latest understands that supplier creditors had asked for debt-service ratio has been reduced from 45% to 30%. If reorganization does not meet these creditors by 30% debt-service ratio, the restructuring could face the risk of failure. But according to 30% ‘s debt service requirements, the restructuring is expected to spend about 470 million Yuan.

Analysts said that in such a case, if October 23 *ST Suri adopted at the second meeting of creditors failed to restructure plan and delisting in less than three months before the deadline can be reached and to implement new restructuring programme, 11 Super Japanese bonds will be the first Chinese bond market criteria for a breach of the principal and interest of bonds, *ST Suri delisting almost a done deal. In this context, Jiangsu GCL *ST Super-investor and supplier creditors such as solar, *ST Suri’s final game at the second meeting of creditors. (Wang)

Original title: facing delisting deadline less than March *ST Suri “moment of life and death”

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