Bohai Leasing Co.Ltd(000415) ( Bohai Leasing Co.Ltd(000415) , SZ) announced on March 2 that the company cashed 5% of the principal and full maturity interest of the second phase of 2019 ultra short-term financing bond “19 Bohai Leasing Co.Ltd(000415) scp002″ (hereinafter referred to as scp002 bond) to all bondholders through Shanghai clearing house on March 2, but the remaining principal of 475 million yuan failed to be cashed on schedule. According to the original plan, the listed company originally planned to extend the period to repay most of the principal, but the proposal failed to be deliberated and approved by the bondholders’ meeting. The above debt is only a microcosm of Bohai Leasing Co.Ltd(000415) debt problem. The listed company disclosed in the announcement that its total overdue debt has exceeded 8 billion yuan.
huge overdue debts
It is reported that Bohai Leasing Co.Ltd(000415) scp002 bond shall pay the interest and principal of the current bond from June 5, 2021 to March 1, 2022 on March 2. However, listed companies said they were short-term liquidity tight and unable to pay the principal and interest of current bonds in full. In order to steadily resolve the risk of bond cashing, the company held the first holders’ meeting of scp002 bonds in 2022 on the morning of February 24 to apply for 5% principal and full maturity interest of scp002 bonds on schedule, and the principal of the remaining bonds was extended for 270 days.
However, the proposal of Bohai Leasing Co.Ltd(000415) was not approved. In the voting of the holders’ meeting, there were 4 holders who agreed to the proposal, and the total face value of scp002 bonds was 400 million yuan, accounting for 80% of the voting rights held by the holders; A total of one holder opposed the proposal, holding a total face value of 100 million yuan of scp002 bonds, accounting for 20% of the voting rights held by the holder. Although there are more votes to agree to the extension, according to relevant regulations, the extension plan can only be adopted with the consent of all holders of current debt financing instruments. Therefore, the extension plan was not adopted.
The listed company said that although the above extension proposal was not passed by all holders, the company still paid the full maturity interest of scp002 bonds according to the extension plan, and cashed 5% of the principal of the bonds, that is, 25 million yuan, and the remaining principal of 475 million yuan failed to be cashed on schedule.
It is worth mentioning that Bohai Leasing Co.Ltd(000415) also disclosed that some debts of the company, its wholly-owned subsidiary Tianjin Bohai Leasing Co.Ltd(000415) and its SPV, and its holding subsidiary Hengqin international financial leasing were overdue due to short-term liquidity constraints. As of February 28, excluding scp002 bonds, the total overdue principal and interest were 7.848 billion yuan, including 6.580 billion yuan of overdue principal and 1.268 billion yuan of overdue interest.
performance rebounded, but liquidity remained tight
Bohai Leasing Co.Ltd(000415) capital shortage is directly related to the company’s poor performance in recent two years. The company said that due to the continuous negative impact of covid-19 epidemic on the global aviation industry, it still faces the risks of rent delay, rent default and lessee bankruptcy of some airlines, and the company’s main aircraft leasing business has been greatly impacted.
From the data, the net profit loss attributable to the parent company in Bohai Leasing Co.Ltd(000415) 2020 was 7.704 billion yuan, a year-on-year decrease of 516.80%; In the first three quarters of last year, the company lost 344 million yuan in net profit, a year-on-year decrease of 89.08%. In the performance forecast of 2021, the company expects to achieve an operating revenue of 26 billion yuan to 29 billion yuan last year, and the net profit attributable to the shareholders of the listed company is expected to be a loss of 650 million yuan to 1.3 billion yuan, a decrease of 83.13% ~ 91.56% compared with the same period of the previous year.
Bohai Leasing Co.Ltd(000415) believes that with the popularization and promotion of vaccines, the global aviation industry is slowly recovering from the impact of the epidemic, and the operation of the company is gradually improving, but the short-term liquidity is still tight, so it is unable to pay the principal and interest of the above bonds in full.
