Jiangxi Zhengbang subsidiary gets creditor approval for reorganization plan

Liaoning Chaoyang Zhengbang Ecological Agriculture Co. Ltd. (Chaoyang Zhengbang) held its first creditors' meeting on October 10, 2025. Creditors approved its reorganization plan, asset management plan, and remote voting methods. Thirty creditor representatives attended the meeting, accounting for 96.77% of total creditors.

The "Reorganization Plan (Draft)" received approval from all four creditor groups. The priority creditor group approved the plan with 66.67% of creditors by number and 76.98% by amount ($16,640,780.68). The employee creditor group gave unanimous approval with 100% of creditors by number and 100% by amount ($18,000). The ordinary creditor group approved the plan with 83.33% of creditors by number and 99.08% by amount ($189,162,953.16). The capital contributor group also unanimously approved the plan.

Additionally, the "Asset Management Plan" and the "Plan for Holding Creditor Meetings and Voting Remotely" were passed. Despite these approvals, Jiangxi Zhengbang Technology warns that the success of Chaoyang Zhengbang's reorganization still faces uncertainties.