Once brilliant, now it is embarrassing! Brilliance Auto has been in debt for hundreds of billions.

10 On June 26th, just as the market was full of expectations for the bond redemption of Brilliance Automobile Group Holding Co., Ltd. (hereinafter referred to as "Brilliance Automobile"), Brilliance Automobile announced that the company had not paid the 20 17 non-public corporate bond (Phase II) to CSI Shanghai Branch (bond abbreviation:17 Huaqi05). The company is still trying to raise funds and negotiate with investors.

Brilliance Auto responded to the media on the same day and said, "At present, there are indeed temporary difficulties in funds, and it is impossible to pay the bonds due on time. The Group is actively working hard to study solutions and believes that Brilliance will actively and properly solve the bond problem. " 10 brilliance auto defaulted on its debt for five days from 10/2 1 day. In these five days, all parties in the market have been discussing this.

A business person engaged in non-performing assets said that in fact, since the second half of last year, the debt crisis of Brilliance Auto has emerged, and the non-performing asset portfolio of Brilliance Auto has been sold at a discount, and some discounts are still very strong. At that time, financial institutions were cautious about the debt problem of Brilliance Auto.

In addition to the above-mentioned default bonds, there are still 65,438+04 outstanding bonds of Brilliance Group, with a total balance of 6,543,807.2 billion yuan, and the bond status shows normal. According to the data of GF Securities Development Research Center, the pressure of Brilliance Auto Group to sell back due is concentrated in 202 1 and 2022. The maturity and resale scale of bonds are 6.5 billion yuan and 9.2 billion yuan respectively, involving 4 bonds and 8 bonds respectively. The maturity and resale scale of bonds are 6.5 billion yuan and 9.2 billion yuan respectively, involving 4 bonds and 8 bonds respectively.

In addition, Brilliance Group has also breached the contract in trust and other aspects.

According to the announcement of Dagong International, Brilliance Group shall distribute the quarterly interest payable on September 2, 20201day. As of June, 2020, 10, 14, Brilliance Group has not transferred the quarterly interest payable to the trust account of the debt investment plan.

Jiangsu Trust also shows that as of June 5438+ 10/5, Brilliance Group has not paid the loan principal10/00000 yuan and 10 10 yuan that should have been paid on June 5438+ 10/2.

In fact, even before the payment of "17 Huaqi 05", Brilliance Group had been caught in the whirlpool of public opinion about asset freezing, share sale and long-term leave for employees.

It is understood that at present, Brilliance Group has a huge debt of more than 100 billion yuan. Brilliance Group's 2020 semi-annual bond report shows that the total debt of the group is 132844 billion yuan, and after deducting goodwill and intangible assets, the asset-liability ratio is 7 1.4%. The ending balance of cash and cash equivalents was 32.677 billion yuan.

Moreover, since August, Brilliance Group has added a total of 17 pieces of information about executed persons, of which the amount of several execution targets exceeds 654,380+0 billion yuan.

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In this case, this default may cause a chain reaction of bond default, and Brilliance has a bleak future.

Relevant persons analyzed, "The default of Brilliance Auto Group is a typical state-owned enterprise default event. After the divestiture of BMW Brilliance, the profitability of independent brands is weak and the asset quality is poor. The government gave up the rescue, and finally the capital chain broke, leading to default. However, after the default of Brilliance Auto Group, it may negotiate with creditors to extend the term, or it may face restructuring. Taking the share restructuring of Northeast Special Steel and Ji Shen as an example, cash settlement and debt-to-equity swap are usually adopted, and different schemes are adopted for financial claims and non-financial claims. "

Brilliance Auto used to be the big brother envied by other domestic car companies.

1987, there are already two automobile factories in Shenyang, and the local area feels that the benefits are good. Zhao Xiyou, former deputy director of Shenyang Agricultural Machinery Automobile Industry Bureau, was asked to set up the third automobile factory. Zhao Xiyou quickly merged more than 50 auto parts enterprises in Shenyang to form Jinbei Automobile.

They intend to issue shares of 1 100 million yuan. At that time, it was a new thing, but few people paid more. More than a year has passed, and few respondents have raised less than 30,000 yuan, which is really disappointing. At this moment, Yang Rong took to the stage.

Under the planning of Yang Rong, Brilliance Department was listed in the United States, Hongkong and Shanghai successively. With this money, Brilliance Auto entered the fast lane overnight. From research and development, production expansion and promotion, there is strong financial support. Sea lion sold well as soon as it came up, defeating the "liberation" van of Changchun FAW at that time, and Brilliance Auto became one of the most promising domestic brands in China.

Since 1996, the annual sales volume of Jinbei bus has increased by 50%, from 9 150 in 1995 to 60,000 in 2000, occupying the first place in the light bus market for many years. In 2000, the sales of Jinbei bus reached 7 billion yuan, and the profit was second only to Shanghai Volkswagen and FAW-Volkswagen.

200 1, Yang Rong, who has always been low-key and mysterious, was awarded the title of "honorary citizen" by Shenyang. At the end of this year, Yang Rong ranked third in the Forbes list.

Yang Rong, who is full of ambition, said that he will continue to increase investment in Jinbei, so that the output of Jinbei cars will reach 500,000 vehicles in 2005 and/kloc-0.0 million vehicles in 2020.

However, for various reasons, Yang Rong escaped.

After Yang Rong left, Brilliance first withdrew from the US stock market, but after several years, except for the BMW project, several other product lines failed to meet expectations, the product system was chaotic, there was a lack of pillar models, the channel construction was slow, and the brand became weaker and weaker. Starting from 20 1 1, more than 90% of Brilliance Auto's annual income depends on BMW, and Jinbei and China are increasingly marginalized.

By June 20 18 and 10, BMW Brilliance had pioneered the improvement of the share ratio of the joint venture company. Of course, foreign investors know that this is a profitable business, and they increased their shares to 75% at a price of 29 billion yuan. By the end of 2022, Brilliance Automobile Group will receive about 36.8 billion yuan of principal and interest from equity transfer.

But it's more like exhausting your strength to go fishing! By then, China Brilliance will halve its profits from BMW Brilliance and embark on the same road as Lifan.

This article comes from car home, the author of the car manufacturer, and does not represent car home's position.