POWERLONG(01238) restructuring plan failed

POWERLONG (01238) announces that as of the deadline of February 28, 2025, despite the company's efforts to meet the restructuring conditions, certain restructuring conditions have not been met. Therefore, the effective date of the restructuring has not been implemented by the deadline or before, and the plan has lapsed. The company reiterates its determination and commitment to seek to ensure the sustainable operation of the group and safeguard the interests of all stakeholders through a comprehensive solution. The company has appointed Ernst & Young Financial Advisory Limited as its financial advisor to facilitate further communication between the company and its creditors. The company, its financial advisor Ernst & Young Financial Advisory Limited, and its legal advisor Zhong Lun Law Firm will work with the company's creditors to explore all feasible solutions to address the current liquidity issues in order to reach an agreement with overseas creditors as soon as possible. The company looks forward to continuing to cooperate with overseas creditors, and urges them to be patient, understanding, and supportive, to allow the company and its advisors time to develop the most practical and optimal debt resolution plan for all stakeholders.