Glory Health Industry Ltd. Progresses Debt Restructuring and Asset Disposal Plans Amid Going Concern Issues

Reuters
01 Jul
Glory Health Industry Ltd. Progresses Debt Restructuring and Asset Disposal Plans Amid Going Concern Issues

Glory Health Industry Ltd. is actively addressing its financial difficulties by implementing several strategic measures. The company is negotiating the sale of self-owned commercial assets and the overall transfer of projects, including the Shenyang Subsidiary and the Foshan Shengpingli Project, to generate cash. Additionally, the company has applied for the return of land related to the Shenyang and Chongming Island Projects, awaiting government approval which could provide further financial relief. As part of its restructuring efforts, Glory Health has secured a RMB1,314 million borrowing extension from Tianjin Bank and is in ongoing negotiations for loan restructuring and other financing arrangements. These actions aim to resolve significant uncertainties about the company's ability to continue operations. Glory Health plans to complete these restructuring and asset disposal efforts by the second half of 2025 and will continue to provide updates every three months until the situation is resolved.

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