Tianyi New Materials: Bankruptcy reorganization applied for by creditors

Tianyi New Materials announced on November 9th that on November 7th, the Beijing First Intermediate People's Court issued a "Decision". Creditor Tianjin Shengyu Automotive Parts Co., Ltd. applied to the Beijing First Intermediate People's Court for reorganization of the company on the grounds that the company is unable to repay its due debts, its assets are insufficient to repay all debts, and it clearly lacks the ability to repay. The company agreed to the above-mentioned application and voluntarily assumed the relevant obligations during the pre-reorganization period. In order to effectively identify the reorganization value and feasibility and increase the success rate of reorganization, the Beijing First Intermediate People's Court decided to initiate pre-reorganization of the company. The decision of the Beijing First Intermediate People's Court to initiate pre-reorganization of the company does not mean that the Beijing First Intermediate People's Court will ultimately accept Tianjin Shengyu's reorganization application for the company, and there is still uncertainty about whether the company will enter into the reorganization process in the future.