Civil / Zhu Bangling
On March 22, red east harbor holds debt to recombine circumstance media to communicate in Beijing meeting. Red east harbor respect expresses, because brightness hill bred industry debt crisis erupts 2016, northeast spy steel announces to go bankrupt, the association between the bank is released " caution of risk of northeast area investment " , channel of financing of northeast region industry is shut. Suffer this effect, the red that can have approved by card inspect east harbor hair debt plans come to a standstill, cause a company cannot with be being returned newly old, capital catenary ruptures. Besides afore-mentioned reasons, hu Fenghao of group executive president expresses red east harbor is local government project mat endowment also is one of causes that cause debt crisis twenty-two billion seven hundred and eighty-nine million yuan.
Red east famous of harbor it may be said, it is located in coasting of our country mainland most boreal end, be located in northeast inferior center, na Lin Yellow Sea, it is area of our country east-northeast ministry goes to sea exclusively passageway, be called do not freeze fine harbor, also be " China's only private port " . Red east the control person of harbor group is mysterious plute Wang Wenliang, introduced from the northern and western nationalities or from abroad 2017 embellish 100 rich a list of names posted up, wang Wenliang ranks the whole nation with 12 billion fortune the 295th. Last year, red east harbor 4.893 billion yuan belongings has been closed down. At present total debt totals 48.9 billion yuan, already repaid, reconcile 31.05 billion yuan, still nearly 18 billion yuan of debt still do not have assured source. This famous do not freeze fine harbor is to change personally after the private enterprise, how to take this one step? Raise debt with debt, borrow return old tall lever newly to be in debt can management way still go so that connect?
1, red east the debt that harbor hopes its are offerred recombines what plan gets loan to approbate, go bankrupt with avoiding to enter reforming program
Red east harbor says in the news briefing, red east harbor is planning to pass sell asset, introduce strategic investor, debt turns or make over the Wu of means countervail repay a debt such as partial equity. This repays the plan is this year a when municipal government of Xiang Dandong of Chu Dandong harbor referred in March beforehand the content in reforming plan. This plan shows, up to 2018 3 season end, red east although asset of harbor Zhang face is only sixty billion two hundred and seventy-five million yuan, check evaluates number to be as high as 89.47 billion yuan however, and Zhang face net assets and check evaluate number to part to mix forty billion five hundred and thirty-nine million yuan for eleven billion three hundred and forty-three million yuan, at the same time plan puts forward " allow large stockholder infuse its hold some to be not red east harbor asset, help enterprise Shu is stranded " .
On March 17, red east harbor is released " about with respect to red east harbor group limited company puts forward about going bankrupt the law is relevant the expert opinion book of the problem " . This opinion book puts forward 5 argumentation opinion and 5 companies debt to repay financing source, pressing hope the debt that its offer recombines what plan can get loan to approbate, go bankrupt with avoiding to enter reforming program.
According to media coverage, from adjacent creditor's rights bank, cast a personage to wait to investigate know with all possible means, red east the existence of much department information that harbor management layer discloses on afore-mentioned news briefings is disloyal. On one hand, red east harbor respect puts forward beforehand reforming plan, did not get inclusive main bank loan inside of creditor approbate, it is red only east the unilateral action of harbor respect, on the other hand, red east orgnaization of the financial standing that harbor respect announces, intermediary that recruit not only did not obtain creditor to approbate, its exist even on the problem such as current situation of effective control person " lying " case.
2, red east harbor debt crisis only then 2017, be included to break his promise to be carried out by the court after person list
On March 2, from Ning Bo admiralty courtyard learns, because of " violate property report system " , on Feburary 20, 2019, red east harbor is coulded there be the courtyard includes wave admiralty break his promise to be carried out person list, common says " Laolai " , the amount that involves executive bid is twenty-four million seven hundred and ninety-seven thousand eight hundred yuan of RMBs. Be in early last year on March 15, the court rules lawfully close down company value 4.893 billion yuan of belongings, the applicant thinks company capital catenary ruptures, cannot fulfil reimbursement obligation.
Red east the debt crisis of harbor only then 2017. On October 30, 2017 red east harbor issues " 14 red east harbor MTN001 " occurrence materiality break a contact, to red east the creditor of harbor, this is nightmare only begin. After that, red east harbor a few another bond " 15 red east harbor PPN001 " " 15 red east harbor PPN002 " " 15 red east harbor MTN001 " also appear in succession cash is difficult. On March 10, this answering that day 5 years of cash principal and interest period " 13 red east harbor MTN1 " , as a result of red east harbor group fails to raise money capital of liquidate of full specified amount, make materiality break a promise again.
3, the sort of way that borrows new debt to return dead horse had done not have a law to go down continuously in the past, the problem of 10 boiler should expose 8 cap sooner or later
On the news briefing, red east harbor controller is the main reason end of debt crisis, objective element causes a company cannot with be being returned newly old, capital catenary ruptures. Actually, red east harbor is depended on already badly " borrow return newly old " will maintain cash to flow, once cannot roll leasehold, will face huge risk, this one case has fitted before 2016 apparent. 2016 red east a series of bond that harbor issues, basically use at repaying associate with debt. Red east the index of core finance affairs of harbor is in not good position for a long time. According to red east manual of harbor bond collect shows, in successive years of EBITDA accrual multiple drops, had dropped to have 1.77 only 2014 times.
Actually, red east of harbor indebted managing is not individual situation. Early days, a few enterprises depend on short debt to give priority to, ceaseless scroll issues short debt to back long-term investment, once stop scroll, its fluidity pressure more highlight. When credit market fund is abundant before, the business can feel short the cost of debt is lower, also because of this oversight the security of indebted structure, the structure that counts short debt is affected more easily by vicissitude of the market. Tighten up when industry financing catenary, outside to excessive support financing borrows return old low aptitude company newly, credit risk pressure or building up. Go in entire market below the setting of lever, the sort of way that borrows new debt to return dead horse had done not have a law to go down continuously in the past, the problem of 10 boiler should expose 8 cap sooner or later. If the enterprise borrows machine escape debt, may cause other company follow the lead of, cause chain reaction.
? 4, red east harbor don't this freeze how is fine harbor to become " is China exclusive and private haven " ?
Red east the fact of harbor group charges a person is Wang Wenliang, was born at Liaoning to save red 1954 east city, a fabled abode of immortals of ancestral home Shandong. Be graduated from major of Liaoning university economy, economics Master, obtain the Kaluolaina austral the United States university honor doctor's degree. Ceng Zaidan of one's early years east municipal government works, at 90 the beginning of the year go into business is in business after. Had president of company of Ren Rilin group, president in Feburary 2005. Company of day forest construction accused a red formally 2005 east harbor group, contributive 1, 728 thousand dollar, take next pellet or powder east harbor the share of 36% , in the control of real income controlling right of Jiang Dandong harbor. Ren Dandong of king article fine harbor group president, red east harbor begins to turn make for enterprise of joint venture of China and foreign countries. 2013, wang Wenliang still suggests to ought to accelerate sth resembling a net of drift net of northeast and modern other people to build further, promote economy of boreal Yellow Sea the open administrative levels of the belt, raise red east carrying capacity of haven ore, commissariat, coal, make northeast go to sea passageway. Wang Wenliang ever ascended plute a list of names posted up for many times, release in academy of introduced from the northern and western nationalities or from abroad in Feburary 2016 embellish " a list of names posted up of plute of whole world of 2016 introduced from the northern and western nationalities or from abroad embellish " , wang Wenliang discharges an a list of names posted up on the plute of the 4th with Liaoning by right of 13 billion yuan asset " global plute a list of names posted up " .
