Ping An Insurance Group and other investors have agreed to contribute to an $11.3 billion bankruptcy restructuring package to secure and rejuvenate a financially troubled corporate empire established by China's top university, Nikkei Asia reported. Peking University Founder Group (PKU Founder), a state-owned conglomerate founded by the university, has been in a Beijing court-supervised bankruptcy proceeding since February 2020. On Friday, court-appointed administrators reached an agreement with Ping An and two municipal governments in the southern province of Guangdong to lead the restructuring. According to the announcement from Ping An and the administrators on Friday night, the New Founder Group will be established based on assets held by PKU Founder and its four other affiliated companies. The new company will cover four major business segments: health care, finance, information technology and education. The new company has yet to be formed, and few details are available. Ping An Life, a unit of Ping An Group, and Zhuhai Huafa Group, an investment arm of the Zhuhai Municipal Government in Guangdong Province, have agreed to acquire at least 73% of the new company. The proceeds will be used to pay off creditors. The creditors will be given a choice of receiving cash, shares in the new company or a mixture of the two. If all creditors demand repayment in cash, the investors will be required to pay a total of 73.3 billion yuan ($11.3 billion) to the administrators, in installments. In this scenario, Ping An would hold 70% of the new company's shares and Zhuhai Huafa 30%. Read more.