Blu-ray Development involves a total of 3.698 billion yuan in major lawsuits due to debt problems.

On November 9, Sichuan Blu-ray Development Co., Ltd. issued a notice involving major litigation.

It is understood that recently, due to the phased liquidity shortage and debt risks in Blu-ray development, some financial institutions and cooperation direction Blu-ray Development filed a lawsuit, and the total amount of money involved in this new lawsuit is 3.698 billion yuan.

Blu-ray Development said that the company is actively communicating with relevant parties to negotiate solutions to ensure the continued operation of the company, given that the above litigation is in progress, it is not possible to estimate the ultimate impact of the litigation on the company. However, if the court subsequently takes measures such as asset disposal related to the project involved in the case, it will have a significant adverse impact on the continued operation of the company. The company will be on the progress of litigation and the performance of disclosure obligations, respectfully ask the majority of investors to pay attention to the risk.

On November 5, Sichuan Languang Development Co., Ltd. issued an announcement that part of the debts of the company and its subsidiaries failed to be repaid on time. Blu-ray Development and its subsidiaries increased the amount of principal and interest on the outstanding debt by 2.664 billion yuan.

As of November 5, 2021, Blu-ray Development has accumulated a total of 24.171 billion yuan of outstanding debt principal and interest (including bank loans, trust loans, debt financing instruments and other forms of debt). At present, Blu-ray Development is actively coordinating solutions with the financial institutions involved.