Rendong Holdings (SHE:002647) has been granted permission by the Guangzhou Intermediate People's Court to manage its property and business affairs under the supervision of a court-appointed administrator during its reorganization period, according to a Thursday filing with the Shenzhen Stock Exchange.
The decision follows pre-restructuring preparations, including debt audits and the identification of investors. The company's core business operations are stable, with bankruptcy risks persisting if the restructuring fails.
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