Now Liyuan Refinery flies out of the debt black swan, and the "fifth richest man in Jilin" is exposed to 7.7 billion debt black holes and high-speed rail dreams. Private lending was nearly 654.38 billion yuan, and debt interest dragged down Liyuan refining.
1, unable to pay the debt interest of 5010.8 million, and Liyuan Refinery substantially breached the contract.
On the morning of September 25th, Liyuan Refinery announced that it was unable to pay the interest of "14 Liyuan Debt" on schedule due to the difficulty in capital turnover, which constituted a substantial breach of contract. Jilin Liyuan Refinery Co., Ltd. has a corporate bond of 20 14 years, the interest payment amount is 20 1800420 yuan, and the interest payment date is 2065438+September 25. Up to now, the company has not fully transferred the current interest into the designated account of China Securities Depository and Clearing Co., Ltd. Shenzhen Branch, which constitutes a breach of contract.
14 Liyuan Bond was issued in September, 20 14, with the issuance scale of 10 billion yuan, with a term of 5 years and a resale clause at the end of the third year. On September 20 17, the "14 Liyuan Bond" was partially resold, and the company raised the coupon rate from 6.5% to 7%, and the resale amount still exceeded 270 million yuan. Up to now, the bond balance is 740 million yuan. The latest debt/subject rating of the coupon is CCC/CCC, and the subject rating outlook is "negative".
The chairman resigned due to physical reasons.
2065438+On September 25th, 2008, the board of directors of the company received a written resignation report from Chairman Wang Min. Due to physical reasons, Wang Min applied to resign as a director, chairman and member of the strategy committee of the board of directors, and will no longer hold any position in the company after his resignation. According to the relevant regulations, Wang Min's resignation report will take effect from the date it is delivered to the board of directors, and his resignation will not affect the normal production, operation and management of the company. After Wang Min resigned as the chairman of the company, Wang Jianxin, the vice chairman, temporarily acted as his deputy and presided over the shareholders' meeting.
3.64 properties were seized and 20 bank accounts were frozen.
According to the announcement of Liyuan Refinery on September 1 1, the related property of Liyuan Refinery has been sealed up by the court since July 20th. As of August 30th, Liyuan Refinery has sealed up 64 properties, and the net book value of the land and properties sealed up is 65.438+23.8 billion yuan, accounting for 654.38+05.48% of the net assets of Liyuan Refinery in 2065.438+07 and 8.654+03% of the total assets in 2065.438+07. Liyuan Refined said that the seizure of the above-mentioned property was mainly due to the company's loan dispute, and there were three specific lawsuits involving a total amount of 688 million yuan.
4. "Relying on debt", the overdue debt reached 2 1.6 1 billion.
The debt crisis encountered since July is related to Liyuan Refinery's cessation of "supporting debts with debts". According to the information disclosed by the company, since July, the company has stopped adding private loans and completely stopped paying the principal and interest of private loans. Under the pressure of debt, some banks and financial leasing institutions had extended the business for the company at that time, and the accumulated extension amount was 654.38+065.438+093 million yuan. As of August 20 18, 10, the overdue debts of Liyuan Refinery and its subsidiary Shenyang Liyuan reached 2 1.6 1 100 million yuan, and the debts due within one year reached 4.242 billion yuan.
5. The performance dropped by more than 1.20%, and 98.66% of the shares of major shareholders were frozen by pledge.
On the evening of July 3 1 day, the company issued a performance revision announcement. The company predicts that the net profit of the interim report in 20 18 will change from a profit of 3130,000 yuan to a loss of 75 million yuan to10,000 yuan, a year-on-year decrease of 123.96% to 13654.
In fact, it's not just a performance change; On the same day, Liyuan Refinery also announced that 98.66% of the shares of Wang Min, the largest shareholder of the company, and Zhang Yongxia, who acted in concert, were frozen by pledge, and 20 bank accounts of the company and its subsidiaries were frozen. In this context, Shenzhen Stock Exchange issued two letters of concern, asking them to explain the performance changes and related debts.
Shares of Wang Min and Zhang Yongxia are also in deep trouble. According to public information, the two held a total of 270 million shares of Liyuan Crystal, but of the 654.38+76 billion shares held by Wang Min, 654.38+72 billion shares were pledged and all of them were frozen. All the 94.5 million shares held by Zhang Yongxia were frozen by pledge.
6. The "high-speed rail dream" was launched, and the total investment of the project rose to10 billion yuan.
The main reason for the decline of Liyuan refining income is that Shenyang Liyuan rail transit project has invested a lot of money, which is not expected to achieve production benefits, and the company's liquidity is insufficient, which can not guarantee the purchase and supply of production raw materials and the products can not be delivered in time.
The rail transit project was proposed by the company at the end of 20 14. At the end of this year, the company issued a fixed plan, saying that the company will enter the rail vehicle industry and transform into a high-end equipment manufacturer. The fixed-income plan will raise 3 billion yuan, which will be used for the project of "rail vehicle manufacturing and aluminum profile deep processing construction" after deducting the issuance expenses. From June, 2065438 to June, 2005, Liyuan Refinery revised its plan to increase the total amount of funds raised from 3 billion to 4 billion. Later, during the construction period, the total investment of the project rose from 5.5 billion yuan to10 billion yuan, almost doubling.
7. The amount of private loans was 920 million yuan. After the breach of contract, the company concealed it for a long time.
20 17 annual report shows that as of February 25th of that year, the actual controllers of Liyuan Refinery, Wang Min and * * * *, provided 20 guarantees for the company, amounting to about13.6 billion yuan. In 20 18, they made 19 guarantees for Liyuan Refinement, with an amount of13.9 billion yuan. According to the latest data, as of September 2 1 day, Liyuan refined private lending amounted to 920 million yuan, and most of these private lending may have defaulted.
Not only a large number of private loans were concealed, but also the company concealed them for a long time after the default occurred. According to the financial report, the overdue debt of Liyuan Refining & Chemical Company to Ningxia Tianyuan is about 65.438+0.44 billion yuan, with the guarantee starting date of 20 18 1.02 and the repayment date of April 1 1. Based on this calculation, when Ningxia Tianyuan froze the account, the debt had been in default for at least 3 months.
Even so, there is still no private lending in the debts disclosed by Liyuan Refining since then. According to the disclosure of Liyuan Refinery 8 14, as of 8 10, the loan balance of Liyuan Refinery Bank was 28190,000 yuan, the major shareholder borrowed 468 million yuan, and the financing lease was 954 million yuan, totaling 4.24 billion yuan. It was not until September 25th that Liyuan Refinery disclosed its private lending debt.
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