After a nearly 10-month tug-of-war between creditors and bankrupt Dongbei Special Steel Group, the state-owned steel maker’s restructuring plan has been approved by the Intermediate People’s Court of Dalian. Some creditors including bankers have raised a red flag after claiming they were forced to accept unfair financial conditions, apparently as part of a government bid to keep the company alive. The plan released August 3 and obtained by Caixin calls for the debt-ridden state-owned enterprise (SOE) to fully repay every unsecured creditor holding no more than 500,000 yuan (about $75,344) worth of debt at face value. Any creditor with more than that amount may be repaid in cash at 22.09% of value, or accept a debt-for-equity swap. The steel maker and its subsidiaries had defaulted on 10 bonds worth 7.1 billion yuan since March 2016, when then-chairman Yang Hua committed suicide. Dongbei Special’s bond defaults were the first ever permitted by a Chinese government agency for an SOE.