Sichuan Trust Receives Approval for Bankruptcy Reorganization Plan
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April 3rd, 2024 -- China's Financial Regulatory Authority has given its approval for the bankruptcy reorganization plan of Sichuan Trust. This decision allows the Chinese financial institution to continue its operation and mntn its license following a favorable vote by stakeholders.
Sichuan Tianfu Chunxiao Enterprise Management, supported by the State-Owned Assets Supervision and Administration Commission of Sichuan Province, will purchase trust beneficiary rights from investors at a discounted rate ranging between 20 to 60, as per the plan that was approved by the National Administration of Financial Regulation's branch in Sichuan province on April 1st.
As of February 26th, approximately 95 8,055 out of total of investors have orsed this bankruptcy reorganization plan which was issued on December 25th last year. The deadline for signing the agreement was March 5th.
Nevertheless, Sichuan Trust's bankruptcy reorganization plan is yet to receive a final judicial ruling.
A lawyer commented that this restructuring proposal stands out due to its reliability of the investor and its satisfactory outcome across all parties involved.
Sichuan Trust is the second Chinese financial institution to undergo bankruptcy following New China Trust which completed liquidation last May. Unlike New China Trust, however, Sichuan Trust's bankruptcy process involves a reorganization med at preserving its existence alongside its trust license.
Additionally, this scenario mirrors previous cases where Chinese trust companies like Anxin Trust and J-Yuan Trust previously known as NewTimes Trust offered to sell investors' trust beneficiary rights TBRs at discounted prices.
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