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[According to data provided by creditor banks, the total financial claims of the three companies under the name of Saiwei Group are as high as . ]
After nearly a year of back-and-forth, the restructuring plan of the former photovoltaic giant SV Group finally moved towards forced layoffs.
"First Financial Daily" learned from several creditor banks that the reorganization plan was not approved by the property-secured creditor's rights group and the ordinary creditor's rights group. After the second vote, upon application by the administrator, the name of Saiwei Group was The reorganization plans of the next three companies were approved by the Jiangxi Xinyu Intermediate People's Court at the end of the month and the reorganization process was terminated.
According to data provided by creditor banks, the total financial claims of the three companies under the name of Saiwei Group amount to 100 million yuan. Except for some secured claims, most of them are ordinary claims. The reorganization plan of compulsory layoffs has mandatory effect. According to the reorganization plan, the ordinary debt repayment rate is only .%.
The road ahead for obtaining repayment of debts is still uncertain. On March 1, the State Council issued guidance on debt-for-equity swaps, stating that banks are not allowed to directly convert debt into equity. However, in the reorganization plan of Saiwei Group, part of the debt is to be paid off through direct debt-for-equity swap. Industry insiders believe that Saiwei's bankruptcy and reorganization has obvious administrative dominance. In order to reverse this situation, the forced reorganization and administrator systems in bankruptcy and reorganization must be reformed from a legal perspective.
Finally forced to lay off
On March 1, the bankruptcy liquidation team of Jiangxi Saiwei Solar High-tech Co., Ltd. (hereinafter referred to as "High-tech") applied to Xinyu Intermediate People's Court to approve the draft reorganization plan and terminate it High-tech restructuring process. On March 1, the Xinyu Intermediate People’s Court made a ruling and approved the liquidation team’s aforementioned application.
According to the ruling of the Xinyu Intermediate People’s Court, Hi-tech’s debt settlement plan is to give priority to the payment of bankruptcy expenses and mutual benefit debts of . , ordinary claims will be paid off at a rate of .%.
As approved by the Xinyu Intermediate People’s Court on the day of the year, including high-tech, Jiangxi AVIC Photovoltaic Silicon Technology Co., Ltd. (hereinafter referred to as "Photovoltaic Silicon"), AVIC Solar High-tech (Xinyu) Co., Ltd. (hereinafter referred to as "PVSilicon") Three companies including "Xinyu Saiwei" officially implemented bankruptcy reorganization.
On January 1, this year, due to the low debt repayment rate, the above-mentioned company's reorganization draft has been collectively rejected by creditor banks. At the beginning of the month, the bankruptcy administrator fine-tuned the reorganization plans of the three companies, but they were still opposed by creditors who accounted for more than 50% of the creditor's rights.
With a repayment ratio of .%, creditor banks will undoubtedly face huge losses. According to data previously provided by a creditor bank, the financial claims of the three companies are as high as . , taxes and other debts can be paid off.
However, in the Xinyu Intermediate People’s Court’s ruling, the amount of repayment of ordinary claims was not disclosed. As the reorganization investor of Hi-Tech and Xinyu SV, Yicheng Xinneng announced on March 1 that on March 2, the Xinyu City Intermediate Court made a ruling, and upon the decision of the court’s adjudication committee, it ruled that Hi-Tech and Xinyu SV The reorganization plan will repay a total of approximately RMB 10,000 of employee claims and RMB 100 million of tax claims, and make cash reserves for estimated claims totaling approximately RMB 100 million. For ordinary claims, only the repayment plan was disclosed, but the repayment amount was not announced.
The repayment plan shows that there are property-guaranteed claims and ordinary claims of more than 10,000 yuan, and Yicheng Xinneng will issue approximately 100 million shares and 10,000 shares respectively to the creditors of the two companies to repay the debts. According to Yicheng Xinneng's current stock price and with reference to fixed-increase pricing practices, the value of the aforementioned shares used for repayment is approximately 100 million yuan. In addition to the above 100 million yuan of secured claims, the known financial debt repayment amount of the two companies, Hi-Tech and Xinyu Saiwei, is approximately 100 million yuan. Even if photovoltaic silicon companies are included, the loan that the creditor banks can recover is likely to be more than 100 million yuan in losses compared to the scale of the creditor's rights of 100 million yuan.
How to implement the plan
In addition to dissatisfaction with the low repayment rate of ordinary debt, the debt-for-equity swap plan in SV's reorganization plan has also caused concerns among some creditor banks.
According to the reorganization plan, photovoltaic silicon, high-tech, and Xinyu Savijia Co., Ltd. all have stock repayment plans in the reorganization plan. Industry insiders told China Business News that among the three companies, only Photovoltaic Silicon Company currently conducts real debt-for-equity swaps, while the debts paid off by Hi-Tech and Xinyu LD Stock are actually debt-for-equity swaps.
Yicheng Xinneng’s announcement on March 1 also made it clear that the property-secured claims of Hi-tech and Xinyu Saiwei and ordinary claims of more than 10,000 yuan will be paid off by the company by issuing additional shares to creditors. In other words, what creditors will get are the shares of Yicheng Xinneng, not the equity of high-tech and Xinyu Saiwei.
The problem lies in the holding time limit after the creditor bank obtains the corresponding equity. A source from a creditor bank in South China previously told China Business News that according to the previous setting of the holding period for debt-repaying stocks in the reorganization plan, after obtaining debt-repaying stocks, the holding period is a one-year sales restriction period + a one-year holding reduction period. This means that after creditors obtain the shares of Yicheng Xinneng, they will hold them for at least seven years.
According to industry insiders, according to the regulatory authorities' regulations on debt-repaired assets, the corporate equity obtained by commercial banks through debt repayment must be disposed of within two years.
&Regulatory restrictions aside, there are still many unforeseen factors in whether Saiwei's restructuring plan can be implemented in the end. &rThe above-mentioned listed creditor bankers said that it is currently difficult to predict whether Yicheng Xinneng’s fixed increase and the bank’s debt-for-equity swap can be approved by the China Securities Regulatory Commission and relevant departments. If there are sudden changes in the operations of the above-mentioned enterprises and other factors, it may lead to serious consequences. The entire plan ultimately could not be implemented.
The above-mentioned creditor bankers are also worried that for companies that directly convert debt into equity, the reorganization plan lacks a clear exit mechanism for debt-for-equity swap. If not, it may eventually adopt the method of repurchase by major shareholders, and the repurchase price will also be If the company is suppressed to the minimum and does not participate in any business operations or decision-making of the company, the degree of control over the recovery of its debts will be even lower. Once the company's operations are reversed, its equity holdings may directly return to zero after the debt-for-equity swap.
With the introduction of the implementation details of debt-for-equity swaps, Saiwei’s above-mentioned repayment plan seems to have reached a dead end. On September 1, the State Council issued guidelines for bank debt-to-equity swaps that clearly stipulate that banks are not allowed to directly convert debt into equity unless otherwise stipulated by the state. The bank's conversion of creditor's rights into equity should be achieved by transferring the creditor's rights to the implementing agency, and the implementing agency converting the creditor's rights into equity of the target enterprise.
Reflections behind the incident
As of now, the court has not officially sent the ruling to the creditor banks.
&Unless a major accident occurs, it is no longer possible to change the reorganization plan in a major way. &rThe above-mentioned listed creditor bankers told China Business News that although no formal ruling has been received, the decision to impose forced sanctions has been made, and the bank can only implement the reorganization plan. Apart from the details, the entire plan has been There is no room for change.
The above-mentioned people from the creditor banks in South China believe that there are many things that need to be reflected on as things have developed to this day, especially when they are heading toward forced sanctions.
&The low liquidation rate is just a symptom, the key lies in the reorganization process. &rA reorganization expert who did not want to be named said that according to regulations, the cost replacement method and the income method should be formulated for the bankruptcy reorganization of an enterprise. However, this time, only the cost replacement method was proposed for the reorganization of Saiwei. kind of plan. The cost replacement method is more commonly used for bankruptcy liquidation, while SV's reorganization is actually a quick realization of cash through the cost replacement method.
This person also believes that the reason why the asset appraisal values of three companies, including Hi-tech and Xinyu Saiwei, have been greatly reduced is because many of the accounts receivable from subsidiaries and affiliated companies in their assets have been lost during the appraisal. , thus leading to a reduction in the repayment rate of ordinary debts, but some of them may still be recovered.
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