On September 25th, Gelunhui *jiangsu zhongli group (002309.SZ) announced that the company recently received the Civil Ruling sent by the Suzhou Intermediate People's Court (hereinafter referred to as "Suzhou Court") numbered [(2023) Su 05 Poshen 4 No. 1], Suzhou Court ruled to accept the reorganization application for Tenghui Photovoltaic.
Currently, Zhongli Group, its subsidiary Changshu Zhonglian Optoelectronic New Materials Co., Ltd. have both been decided by the Suzhou Court to initiate pre-reorganization procedures. Changzhou Marine Cable Co., Ltd., Tenghui Photovoltaic and its four wholly-owned subsidiary companies have been ruled by the Suzhou Court to enter the reorganization process. The company, temporary managers, and other parties are actively advancing the pre-reorganization and reorganization matters of the company and its subsidiaries. The Suzhou Court's acceptance of the reorganization of Tenghui Photovoltaic this time will work together with Zhongli Group and the aforementioned subsidiary companies to resolve debt risks, facilitate the overall revitalization of company and subsidiary assets, minimize debt risks, and improve the company's own asset-liability structure.
