On December 10, China Fortune Land Development Co.Ltd(600340) opened higher after the opening, and was soon closed by a huge bill. According to the inquiry, by the end of the third quarter of 2021, China Fortune Land Development Co.Ltd(600340) shareholders had 157700. This strong limit is undoubtedly “a long drought and a sweet rain” for more than 100000 investors.
On the 9th, China Fortune Land Development Co.Ltd(600340) announced that the company’s debt restructuring plan had been voted by the creditor Committee of China Fortune Land Development Co.Ltd(600340) financial institutions.
The announcement shows that the debt committee recently organized a vote on the debt restructuring plan, and finally adopted the China Fortune Land Development Co.Ltd(600340) debt restructuring plan with a high proportion of 80.75% of the voting amount.
This means that the debt restructuring plan has been accepted and supported by the creditors of most financial institutions, and the China Fortune Land Development Co.Ltd(600340) agreement restructuring has made phased and significant progress.
Insiders said that after the vote was passed and the agreement was signed, it meant that China Fortune Land Development Co.Ltd(600340) major financial liabilities were extended for 5 to 8 years, which won valuable time for the company’s subsequent recovery of hematopoiesis, and further guaranteed the landing of guaranteed delivery house and the operation of industrial new town.
After the announcement, the China Fortune Land Development Co.Ltd(600340) stock bar was jubilant. (click to enter China Fortune Land Development Co.Ltd(600340) )
Looking back on the previous announcement, on September 30, China Fortune Land Development Co.Ltd(600340) disclosed the debt restructuring plan, including the financial debt repayment plan of 219.2 billion yuan and the enterprise’s sustainable operation plan.
Specifically, in the debt settlement plan, China Fortune Land Development Co.Ltd(600340) plans to pay off 219.2 billion yuan of financial debt, mainly including the following six aspects:
first, sold assets and recovered about 75 billion yuan.
For assets with strong liquidity, the company will actively look for potential investors with strong capital strength and good synergy to sell them, and the recovered funds are mainly used to pay off financial debts.
The available for sale assets are expected to recover about 75 billion yuan. Among the recovered funds, it is proposed to arrange about 57 billion yuan for cash to pay off financial debts; The remaining part is used to implement the responsibility of housing development and delivery, and restore the normal operation of industrial new town and other business segments, so as to ensure the repayment of operating debt and undertaking financial debt.
second, the sale of assets took away about 50 billion yuan of financial debt.
The sale of the project company’s own financial debt shall be taken away with the equity sale of the project company and transferred out of the company. The period shall be extended and the interest shall be reduced. The project company shall repay the principal and interest according to the debt restructuring agreement. The selling project company can undertake the corresponding financial debts borrowed and repaid by the company through debt replacement. The debt after replacement is extended and the interest rate is reduced. The specific replacement method is negotiated by the company, the acquirer of the sellable project company and relevant financial creditors.
third, priority financial debt was extended or liquidated by about 35.2 billion yuan.
(1) The financial debts pledged by accounts receivable and physical assets shall be extended and retained, and the original property guarantee measures shall remain unchanged. Interest rates were lowered during the extension period. If the collateral related to the mortgage of physical assets is disposed or sold, the secured creditor’s rights can be paid off preferentially within the scope of the disposal or sale price of the collateral; If the accounts receivable are pledged, they shall be repaid in annual installments and proportions.
(2) For development loans related to real estate development and construction, the balance of development loans shall be maintained by relevant financial institutions, the interest rate shall be reduced, the stock projects shall be gradually sold and repaid, and the new projects shall be gradually put into operation.
fourth, cash cashes about 57 billion yuan of financial debt, that is, about 57 billion yuan of the funds returned from the sale of assets is used to cash financial debt.
fifth, offset with the share of trust beneficial rights established with about 22 billion yuan of assets such as held properties, that is, establish a trust plan with about 22 billion yuan of held properties and other assets with stable cash flow of the company, and repay relevant financial debts with the share of trust beneficial rights.
sixth, the remaining financial debt of about 55 billion yuan is undertaken by the company, extended and reduced interest rates, and gradually paid off through subsequent business development. After the expiration of the extension period, according to the subsequent operation of the enterprise, it can negotiate to pay off directly or continue the extension period.
China Fortune Land Development Co.Ltd(600340) indicates that due to the business difficulties of the enterprise, the unpaid interest exemption or interest with principal has occurred for the financial debt under the debt restructuring plan. If the interest with principal is selected, the interest rate will be reduced; The unpaid default interest, liquidated damages, compound interest and other liabilities for breach of contract shall be exempted.
The settlement of bonds issued by the company at home and abroad shall be properly arranged in accordance with the regulatory system of the regulatory authorities and the relevant requirements of the documents on bond issuance and fund-raising, and in accordance with the principle of the same debt, the same right, fairness and impartiality. Among them, for overseas bonds, the bondholders are guided to entrust domestic agents to join the creditor Committee of financial institutions and participate in the debt restructuring.
in terms of the enterprise’s sustainable business plan, China Fortune Land Development Co.Ltd(600340) said that it would retain the peacock city residential business, some industrial new town business, property management business and other businesses.
Among them, the peacock city residential business sector will take multiple measures to alleviate the financial pressure, operate in an orderly manner, and implement the responsibility of house delivery. Through the establishment of a special residential development and delivery operation platform, under the joint supervision of the “government debt enterprises”, it will strive to restore the brand image of peacock City, improve the removal speed and sales price, and gradually restore the financing function of peacock city, Explore diversified means such as rolling land acquisition development to better complete the task of real estate development and delivery. The problem that the business layout of the industrial new town is too concentrated will be significantly improved, and the ability to resist market risks will be significantly improved.
It is understood that after the debt restructuring plan is considered and adopted by the plenary meeting of the debt Committee, China Fortune Land Development Co.Ltd(600340) the subsequent meeting of corporate bondholders will be convened to consider and vote on matters related to debt restructuring.
China Fortune Land Development Co.Ltd(600340) also said that according to the arrangement of the debt restructuring plan, the company will actively promote the negotiation and signing of debt restructuring agreements with creditors under the guidance of provincial and municipal governments and special work classes, and speed up the collection of asset disposal at the same time.
(Shanghai Securities News)
