Grain News on October 2nd: Tianyun International Holdings (06836.HK) announced that the company has been in discussions with the bankrupt administrator of Shandong Tiantong regarding debt repayment plans. The proposed plans include: (i) The company's major shareholder or more will restart the business operations of Shandong Tiantong on a commissioned basis; (ii) Restructuring investors negotiate cash installment repayment with asset-backed creditors and expected construction priority debt creditors or retain debts; (iii) Restructuring investors repay employees and tax creditors in cash; and (iv) Restructuring investors repay debts to general creditors (creditors without asset mortgages) with the shares they hold.
The first creditors' meeting is scheduled to be held on October 11, 2024, and creditors will review the proposed debt repayment plan at the second creditors' meeting to be held on a date to be determined.
Trading remains suspended.
