Sanpower debt restructuring plan released. How to resolve the 65 billion yuan financial debt?

Cinda provides10 billion financial support, and Nanjing local government gives land degradation policy support to Sanpower Group, which will be an important lever to incite restructuring; Yuan Yafei still has a chance to make a comeback.

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Over the past two years since the debt crisis broke out, the debt restructuring progress of the private enterprise Nanhua Sanpower Group has been accelerating (see Caixin News | Economist 2065438+September 28, 2008, "Yuan Yafei's radical expansion of Sanpower Group failed. What kind of troubled enterprises are worth saving?" | Thunderstorm Survey in Bond Market 6).

According to Caixin reporter, the first draft of the debt restructuring plan of Sanpower Group has been released, and it was recently sent to the major creditor banks and institutions of Sanpower Group for a round of feedback.

"After the draft plan comes out, according to the main feedback from the Debt Committee, there may be some fine-tuning, but overall there should be no change. The general feedback from banks is quite good. " A person close to Sanpower Group said.

According to the data provided by the debtor Sanpower Group in the restructuring plan, as of March 3, 2020, the total financial interest-bearing liabilities of Sanpower Group and its two listed companies, Nanjing Xinbai and Hongtu Hi-Tech, were about 7124.3 billion yuan. Among them, Nanjing Xinbai (600682. SH) is about 1.657 million yuan, *ST Hongtu (600 122. SH) It is about 4.482 billion yuan, and the total financial interest-bearing liabilities that Sanpower Group needs to solve are 6.510.07 billion yuan. This restructuring is aimed at the debt of Sanpower Group.

According to the disclosure of this reorganization plan, the financial debts of Sanpower Group involve more than 65,438+030 financial institutions of various types. According to Caixin reporter's previous report, in June of 20 18, the debt crisis of Sanpower Group broke out in an all-round way due to the massive acquisition of tens of billions of retail and medical health assets in previous years, superimposed financial deleveraging and multiple rounds of decline in the capital market. Among them, the principal of CITIC Bank (CITIC Bank, CITIC Securities and CITIC Trust) is about 7 billion yuan, and the local bank Nanjing Bank is about 5 billion yuan.

It is said that due to the local provincial and municipal governments' support for the bail-out and restructuring plan, and the plan has been instigated by land degradation and development and the recent recovery of the capital market, the market value of Sanpower's assets has rebounded, and major creditor banks and institutions have relatively recognized the restructuring plan.

"We feel ok, the creditor's rights are paid in full, without discount, at least better than some completely rotten enterprises." A high-yield bond investor of Sanpower Group Bond told Caixin reporter.

However, the above-mentioned people close to Sanpower also said that a creditors' meeting may be held at the end of August to communicate on the subsequent adjustment plan, which will give the creditors a certain decision-making time. The real settlement time is not known yet.

Caixin reporter contacted Bank of Nanjing, Chairman of the Financial Debt Committee of Sanpower Group, on the debt restructuring of Sanpower Group, and the other party said it was inconvenient to express opinions on this plan. Yuan Yafei, the actual controller of Sanpower Group, told Caixin that the Debt Committee had confidentiality requirements for the restructuring plan and could not be interviewed for the time being.

Me? Pay off about 46.5 billion debts in 8 years.

According to the restructuring plan seen by Caixin reporter, there are 46.459 billion yuan (including 4.706 billion yuan of bond claims) in the total financial claims of Sanpower Group. According to the reorganization plan, it will be paid off in eight years by 2028, and the repayment arrangement is mainly concentrated in the last four years. Personal debts less than1400 million yuan will be paid first. Mortgaged creditor's rights exceeding 654.38+06 billion yuan shall be paid off with corresponding assets; The insufficient part shall be implemented according to the ordinary creditor's rights scheme.

The reorganization plan also mentioned that the sources of debt repayment funds mainly come from four aspects: first, the relief funds provided by the joint relief party, the relief funds directly provided by the "fund relief party" and the corresponding development income formed by the "land relief party" after developing four plots of land. The above-mentioned joint bail-out parties are China Cinda and Nanjing local government. The essence of the plan is that the local government provides policy support for land degradation, while China Cinda provides relief funds for land acquisition and development. The second is to dispose of the returned funds of the assets of Sanpower Group and its related parties. Third, the balance funds of Sanpower Group's stock business and new business operation. Fourth, the value of going concern assets.

"The repayment period is basically divided into three lines, some of which are personal, and the part below 654.38+ 10,000 yuan is paid off first, and the rest is paid off in 24 months; The second is the debt with collateral; The third is ordinary creditor's rights. " The aforementioned bond investors described.

According to the restructuring plan seen by Caixin reporter, the debt of 651070,000 yuan of Sanpower Group is divided into three categories (1071000,000 yuan * * Debt and restructuring expenses are not reflected in the following): The first category is the sensitive creditor group involving individuals, involving1wealth management products.

This part involves that the overall scale of personal creditor's rights is not large. According to Caixin reporter's previous understanding, Sanpower mainly issues wealth management products through some mutual gold platforms including Lima Wealth Management and Phoenix Wealth Management.

The second type of secured creditor's rights portfolio includes creditor's rights contracts? 65.438+06.202 billion yuan (the principal is not adjusted, and the interest is adjusted to the annual interest rate of 2%). Among them, the creditor's rights of Sanpower Group holding the stock pledge guarantee of Nanjing Xinbai Company or Hongtu Hi-Tech are about10/0.92 billion yuan, which is called "creditor's rights corresponding to the property to be disposed of after appreciation", which is agreed to be disposed of within 8 years and can be compensated according to the ordinary creditor's rights compensation scheme; The remaining 6 billion is the creditor's rights corresponding to the disposable property. It is agreed that Sanpower will be disposed of within 3 years, and the insufficient part will be paid off within 8 years according to ordinary creditor's rights.

The third category of creditor's rights is ordinary creditor's rights of 46.459 billion yuan (the principal is not adjusted, and the interest is adjusted to 2% per annum). The debt repayment plan is agreed to be paid off within 8 years, and the restructuring plan will be implemented within 3 years (202 1 -2023).

The "unified sinking fund" is not less than 2.5 billion yuan. From the fifth year to the seventh year (2025-2027), the annual "unified sinking fund"? They are 5 billion yuan, 7.5 billion yuan and 654.38+0.5 billion yuan respectively. In the eighth year of implementation (2028), Sanpower Group paid off all the remaining principal. ?

Two. Where does the debt service fund come from?

Judging from the reorganization plan and interviews with Caixin reporters, the main debt repayment funds of Sanpower Group will come from the operation and development of four plots of land and the disposal of existing assets of Sanpower Group.

In May, 2020, Sanpower Group, whose restructuring progress had been uneventful before, suddenly said in a high-profile way that China Cinda Jiangsu Branch signed a strategic cooperation agreement with Sanpower Group, and China Cinda would provide nearly 10 billion yuan of liquidity support to Sanpower Group, and debt restructuring was just around the corner.

According to Caixin reporter's understanding of the restructuring plan, the focus of China Cinda's liquidity support is the acquisition and development of four plots of land by Sanpower Group in Nanjing. This acquisition and development project around four plots of land and the financial support of Cinda are regarded as inciting the overall plan. However, the restructuring plan also revealed that the local government's "land relief policy" needs to be based on the creditors' agreement on restructuring? The capital of Cinda Assets needs the support of land relief policy.

"The core is that Sanpower has the opportunity of land reorganization. It used to have a scientific research land. During the debt crisis, it was given to the government first, and then the government gave Sanpower about 2 billion. As a result, Sanbao was hopeless at that time. Now the government wants it to pay back the money first, and then the government will return this research land to Sanpower, and then help it transform into a house to build a house for sale. This is logic. " The above-mentioned high-yield bond investors said that Cinda is now equivalent to buying land for Sanpower, and the rest of the money is used for development.

It is understood that this land relief plan has been circulated among investors since September 2065438+2009 at the latest. Previously, it was said that it had been stuck in "Sanpower has no money to buy back land", and Sanpower has also contacted many fund providers.

The reorganization plan shows that the real estate project company in the bail-out plan will develop four plots of land, which are located in Banqiao, Jiangning, Sanpower Headquarters and Tangshan, and all four plots will involve the operation of land degradation. The scientific research land mentioned by the aforementioned investors is said to be located in Banqiao area, which is the largest and most important of the four plots, with an area of about 750 mu.

It is also mentioned in the restructuring plan that the residual value of the four plots of land after deducting the financing principal and interest of the war investment (namely Cinda) and the government investment principal and interest will be used for the overall debt settlement of Sanpower. The plan predicts that land development projects can enter the centralized repayment period by 2024.

Judging from the reorganization plan, the disposal of existing assets is another main source of debt repayment for Sanpower Group. According to the reorganization plan, one of the sources of funds is to clean up and dispose of 38 non-main assets, including the property of Nanjing International Finance Center (IFC) and Wangfujing (600859. Shh). The total value of these assets is about 654.38+09.93 billion yuan. Non-main business assets include real estate, financial assets and long-term investments.

"For Sanpower, the core of this plan is to keep some core assets-the stocks of two listed companies, Nanjing Xinbai and Hongtu Sanpower, and the corresponding medical assets. Other assets, such as real estate, are listed in the sale plan. " The above-mentioned person close to Sanpower Group said.

Benefiting from the concept of "tax exemption", the stock of Wangfujing, the second largest shareholder of Sanpower Group, was once heated up in the first half of the year. Its share price rose from about 1 1 yuan/share in April 2020 to the highest level close to 73 yuan/share, and now it is around 54 yuan/share. By the end of the first quarter, Sanpower held 87,325,900 shares of Wangfujing (the shareholding ratio was 1 1.25%), making it the second largest shareholder of Wangfujing. Based on this calculation, the market value of its shares is about 4.7 billion yuan.

According to the restructuring plan and Caixin reporter's previous interview with Yuan Yafei, the controlling shares of two listed companies, 65.4% equity of China Cord Blood Bank (Co. US), Natali (an Israeli remote pension service company previously acquired by Sanpower), Than Shwe Company, Xuzhou Cancer Hospital, Ankangtong and other medical assets are all "not for sale". The reorganization plan even envisages injecting China umbilical cord blood bank and other assets into listed companies to enhance the stock value, but the commercial prospects of these medical assets are still unknown.

In an interview in February 20 18, Caixin reporter asked Yuan Yafei if he had considered selling medical assets. After all, this is the sector that Sanpower Group has invested the most in foreign acquisitions in the past few years. On the other hand, Yuan Yafei said bluntly that he never wanted to sell the asset. "This is our main business. What shall we do after we sell it? " ■

Anchor: Li Mingming.

Photo: vision china.

Clues, :jinrong@caixin.com.