Zhitong Financial App News, 002251.SZ issued a notice that in order to simultaneously resolve the operating crisis and debt risks, maximize the operating value of the company, and fully protect the legitimate rights and interests of all creditors, Xiangtan Xintiandi and other four subsidiaries have applied to the court for reorganization on September 15, 2023.

The announcement said that since 2022, BBK shares have suffered periodic liquidity constraints and carried out pre-restructuring on July 17, 2023, which is expected to defuse risks through pre-restructuring and restructuring procedures. As Xiangtan Xintiandi and other four subsidiaries are wholly owned subsidiaries of BBG shares, which mainly engage in supermarkets and department stores, and form a business ecosystem with BBG shares, and fall into debts and operational difficulties in varying degrees, they all belong to the situation of "unable to pay off the debts due, and the assets are insufficient to pay off all the debts or obviously lack of solvency" as stipulated in the Enterprise bankruptcy Law of the people's Republic of China. In line with the conditions of reorganization, it is proposed to systematically resolve debt risks and operational risks through coordinated restructuring with BBK shares, while fully protecting the legitimate rights and interests of creditors.