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ABL has successfully advised *ST Firstar Panel Technology (FPT) and its core subsidiaries in Jiangxi Province’s first listed company restructuring case. The groundbreaking case was completed through innovative approaches, including pre-restructuring, substantive consolidation, and collaborative restructuring, setting a new standard for resolving distressed companies in the region.

A Pioneering Restructuring Milestone

On August 3, 2022, the Pingxiang Intermediate People’s Court approved the restructuring plan for Jiangxi Firstar Panel Technology Co., Ltd. (*ST FPT). Just days later, on August 9, the court approved restructuring plans for three of its key subsidiaries: Firstar Panel Touch Technology (Pingxiang) Co., Ltd., FPT (Shenzhen) Co., Ltd., and Pingxiang Xingzhu Precision Technology Co., Ltd. This marked the successful restructuring of the listed company and its subsidiaries, enabling the resolution of billions of RMB in debt and the revival of the group’s operations.

The case represents Jiangxi’s first application of pre-restructuring procedures for a listed company. It skillfully integrated out-of-court debt restructuring with formal in-court restructuring, leveraging substantive consolidation and coordinated restructuring models. These approaches addressed complex issues such as cross-claims and circular guarantees within the group’s operations, preserved the company’s core value, and ensured its revitalization.

ABL’s Critical Role in the Process

During the pre-restructuring phase, ABL acted as both the legal advisor and guide to FPT’s liquidation team. The firm designed and executed the initial plan, conducted detailed analyses, and laid the groundwork for formal restructuring. Key activities included verifying creditor claims, investigating assets, securing restructuring investors, negotiating with major creditors, managing litigation, and obtaining court approval for the restructuring acceptance.

Once the formal restructuring phase commenced, ABL was appointed by the Pingxiang Intermediate People’s Court as the administrator for the listed company and its subsidiary, Pingxiang Xingzhu Precision Technology Co., Ltd. The legal team diligently met statutory deadlines, organized creditor meetings, and ensured the restructuring plans achieved high approval rates across nearly a thousand creditors, showcasing exceptional coordination and legal expertise.

Setting a New Benchmark

Over the course of a year, ABL completed all pre-restructuring and restructuring procedures for the listed company and its subsidiaries. This landmark case not only resolved FPT’s financial challenges but also created a blueprint for pre-restructuring, substantive consolidation, and distressed company resolution in Jiangxi Province. The successful implementation of the restructuring generated significant social and economic impact, earning praise from enterprises and government agencies alike.

A Team Effort

This monumental project was led by senior partners Jianjun ZHENG and Fang YE, with key contributions from senior partners Gao ZHANG, Lianfang FU, Zhong WEI, Tian GAO, Xiaoping LI, Weiping LIU, Huaiqing WANG, and Bo XIAO. Core team members included attorneys Bin YANG, Wenru MAO, Xinyu HUANG, Zixiang YE, Yunfan ZOU, Chengjie WANG, and Ning LIAO, all of whom played vital roles in ensuring the project’s success.

The completion of this landmark case underscores ABL’s expertise in managing complex restructuring and insolvency matters. By successfully guiding Jiangxi’s first listed company restructuring, ABL has set a precedent for innovative legal solutions and demonstrated its leadership in resolving distressed companies.