An interim management report of Zhongrong trust brought the China Fortune Land Development Co.Ltd(600340) debt restructuring back to the public view again.
Recently, the reporter learned that Zhongrong trust released the interim management report of the trust plan, saying that the debt restructuring conditions provided by China Fortune Land Development Co.Ltd(600340) violate the principles of the debt restructuring plan and debt resolution, and there are still great risks in the debt restructuring conditions. In order to protect the interests of the trustor, as the trustee, Zhongrong trust is temporarily unable to join the China Fortune Land Development Co.Ltd(600340) debt Committee on behalf of the trust plan, or accept the current debt restructuring plan of China Fortune Land Development Co.Ltd(600340) and sign the debt restructuring agreement on behalf of the trust plan.
Insiders told reporters: “around November 2021, the China Fortune Land Development Co.Ltd(600340) related trust plan managed by Zhongrong trust held a beneficiaries’ meeting, agreed to join the China Fortune Land Development Co.Ltd(600340) debt Committee and sign the creditor agreement. Later, during several rounds of communication and negotiation between Zhongrong trust and China Fortune Land Development Co.Ltd(600340) on behalf of investors, China Fortune Land Development Co.Ltd(600340) failed to sign the debt restructuring plan as promised On the contrary, the basic conditions promised in the early debt restructuring plan can not implement the extension time, installment repayment arrangement and collection of pledged accounts receivable. Generally speaking, the disputes between the two sides mainly focus on the specific payment during the extension of the trust plan and the collection of pledged accounts receivable. Zhongrong trust believes that the new debt restructuring conditions provided by China Fortune Land Development Co.Ltd(600340) violate the debt restructuring plan. “
In this regard, the reporter contacted the relevant person of Zhongrong trust for the first time. The person said that in the handling of this matter, the company will fulfill the trustee’s obligations with due diligence and protect the rights and interests of investors to the greatest extent.
According to public data, in the first quarter of last year, China Fortune Land Development Co.Ltd(600340) issued an announcement officially recognizing the problem of overdue debt, and the relevant trust plans of many trust companies, including Zhongrong trust, have defaulted one after another. In October of the same year, China Fortune Land Development Co.Ltd(600340) held a general meeting of creditors with the creditor Committee of financial institutions, and announced the latest debt resolution plan after the meeting. According to the announcement information, China Fortune Land Development Co.Ltd(600340) will realize debt resolution in batches by selling high-quality assets to recover funds, selling assets to take away debts, cash settlement, debt extension and so on.
Previously, China Fortune Land Development Co.Ltd(600340) issued a progress announcement on the company’s debt restructuring. The announcement shows that according to the announcement on the progress of major issues and resumption of stock trading disclosed by the company in October 2021, the company’s existing financial debts totaled 219.2 billion yuan, and the cumulative amount of debts that have not been repaid on schedule so far totaled 93.556 billion yuan (excluding interest). As of January 19, 2022, the debt restructuring agreement signed by China Fortune Land Development Co.Ltd(600340) and its subsidiaries with relevant creditors involved the accumulated debt amount of the company and its subsidiaries of 8.857 billion yuan, the debt interest reduction and penalty interest exemption totaled 547 million yuan, accounting for 14.91% of the company’s latest audited net profit attributable to the company’s shareholders of 3.665 billion yuan. Among the above debts that have signed the debt restructuring agreement, the amount of bonds and debt financing instruments is RMB 8.407 billion, and the amount of other financial debts is RMB 450 million. The repayment methods of “exchange”, “offset” and “connection” are applicable. The company will firmly abide by the business philosophy of integrity, actively solve current problems and implement the main business responsibility. Based on the basic premise of “not evading or abolishing debts”, and in accordance with the principles of marketization, legalization, fairness and justice and classified policy implementation, we will steadily resolve China Fortune Land Development Co.Ltd(600340) debt risks and safeguard the legitimate rights and interests of creditors in accordance with the law.
On the eve of the Spring Festival, China Fortune Land Development Co.Ltd(600340) released a performance forecast that the company is expected to realize a net profit attributable to shareholders of listed companies of – 33.1 billion yuan to – 39.1 billion yuan in 2021. It is estimated that the net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses in 2021 will be – 31.8 billion yuan to – 32.8 billion yuan. The creditor Committee of financial institutions has voted and approved the debt restructuring plan on December 9, 2021. At present, it is accelerating the signing of the debt restructuring agreement. According to the debt restructuring plan, after the signing of the debt restructuring agreement, it is expected that the unpaid loan interest of the company will be reduced and the penalty interest will be exempted. According to the relevant provisions of the accounting standards for business enterprises, the above interest reduction and penalty interest exemption will generate debt restructuring income
