A generation of household appliances giant Xinfei Electric Group went bankruptcy and reorganized. The 100% equity of the three companies, Xinfei Electronics, Xinfei Household Appliances and Xinfei Refrigeration Appliances, will open on June 28 with a base price of 450 million yuan for auction. In the past, Xinfei Electric had been forced to suspend production as early as the end of last year. The reason behind this was the continuous operating loss and pressure on the capital chain.
According to the “China Business” reporter, due to tight market funding, the liquidity of private enterprises has now faced unprecedented challenges. Real estate, retail and other enterprises have experienced difficulties in financing after the debt expansion, and debt sustainability is difficult to sustain. Risks such as the breakage of the capital chain are gradually exposed. Some commercial banks are also investigating companies with higher liquidity risks, and even raise the financing threshold for private enterprises.
'Insolvency'
The advertising phrase “Xinfei advertises well, it's not as good as the new flying refrigerator” is familiar and it also bears the memory of a generation. However, due to insolvency and bankruptcy, this company’s “king of refrigerators” company only Can not help 'sell'.
According to public information, the assets auctioned by Xinfei Electric's three companies include real estate, trademarks, patents and other assets. The base price is 450 million yuan. However, the company’s current total liabilities are 2.268 billion yuan and 408 large creditors.
'The total number of Xinfei Electric creditors is about 2,000, covering companies in the supply chain, banks and other creditors. ' A creditor said that the company's business is not well managed, financing is blocked, and it has long been insolvent.
According to the civil ruling paper of Henan Xinxiang Intermediate People's Court, as of December 31, 2016, Henan Xinfei Electric Co., Ltd. (one of the three companies) had total assets of 1.155 billion yuan, total liabilities of 1.502 billion yuan, and net assets of - 3.46 billion yuan, the debt ratio was 130%.
The ruling stated that Henan Xinfei Electric Co., Ltd. has been unable to repay due debts and that the assets are obviously insufficient to pay off all debts.
For creditors, the bankruptcy restructuring of Xinfei Electric will undoubtedly result in the formation of a debt loss. Zhejiang Shengkang Co., Ltd. has issued an announcement a few days ago that the claim for Xinfei Electric was 23.168 million yuan, and the creditor’s right confirmed by the debtor’s rights is 20.82.87 million yuan. The creditors meeting voted to approve the "reorganization plan (draft)". Under the assumption of bankruptcy, for the analysis of solvency, the book assessment of ordinary creditor's rights is 18.41%; if Xinfei is truly bankrupt, The settlement rate of ordinary bonds is only 1.51%.
'Some private enterprises may not immediately erupt when the insolvency occurs, often when the financing is interrupted, and the capital chain breaks. This has a lot to do with the tightness of the market capital. Compared with state-owned enterprises, private enterprises are hurt more deeply.' A person in charge of a leading furniture company in Chongzhou stated that he believes that the disadvantages of the previous expansion of many companies' debts are emerging. Once the banks tighten their 'faucet', the continued repayment of debt will cause great financial pressure.
It is worth noting that the person in charge of this company seems that many banks have tightened their credit for private companies this year. This has caused many companies to feel that their days are bad. 'Before the company was able to give a loan of 50 million yuan, in After the loan, the bank gave 20 million yuan, which is not a short-term impact on the company.
'The same is true of credit defaults nowadays. Companies that do not have enough money to pay off their due debts also form a breach of contract. Most of these are private companies.' The official said.
According to a person in charge of a large state-owned company, 'At the same time as it is difficult to raise funds, the rising cost of capital has also brought excessive financial costs to private enterprises. The financing costs of state-owned enterprises may be around 7% per annum, and private enterprises’ loans Costs often exceed 9%. '
Bank 'mine'
When corporate credits are 'borrowing new ones for old ones', it is increasingly difficult for commercial banks to pay more attention to their liquidity risks.
"The disadvantages of private enterprises obtaining credit within the table still exist. With the background of financial deleveraging, private enterprises with weaker credit qualifications are actually more difficult to obtain credit support. 'The above state-owned companies said that they may have been able to Funds are obtained through off-balance sheets and other methods, but the current strict regulation blocks many financing channels.
The source told reporters: 'For large-scale credit companies, high debt ratios, and operating losses, commercial banks will conduct targeted risk investigations. Enterprises with poor operating conditions need to assess their repayment ability. Without increasing credit At the same time, it may choose to withdraw gradually from some customers. For the old customers, the bank may reduce the risk exposure. In the re-credit, strengthen the mortgage and strong guarantee requirements. '
In an interview, the reporter learned that in the context of tight liquidity in the market, state-owned enterprises have more advantages in financing than private enterprises. Haitong Securities pointed out in a research report that bank loans and bond markets favored state-owned enterprises. Despite bank loans, There is not much restriction, but banks are generally inclined to state-owned enterprises because of their own risk control requirements. The risks are also smaller. At the same time, non-standard financing was mainly for small and medium-sized private enterprises. Under the background of tightening financial supervision, The influence of the policies introduced on these companies’ financing has also begun to appear gradually.
According to a joint-stock banker, compared to state-owned enterprises, the risks of private enterprises also come from many aspects, including blind investment in the outside world, private lending, implicit guarantees, etc. This is also an important factor for banks concerned about the risk of loans. Through scientific and technological means, it has been synchronized with the court system. Once customers are involved in private lending or debt lawsuits, they immediately focus on 'mine clearance'.
The joint-stock bank official revealed to reporters that even the capital chain of listed private companies is tight, and financing is more difficult than before. Companies that are not listed can imagine.
According to him, many companies' loans are actually cycled through 'new-for-old', as long as the company's profitability can cover the interest of the debt. 'But, the premise of this game is to continue to finance from outside. Once companies fail to saturate enough funds to pay their debts, they may default on their debts, and severely cause the capital chain to break. The more debt the company has before, the greater the pressure nowadays.'
'The new bankruptcy reform is now a result of a vicious cycle. The poorer the company's operations, the less banks give loans, the more the companies have no strength to enhance their competitiveness, which in turn will make the business worse.' Joint-stock bankers think.
According to relevant information, Hong Leong Asia had previously planned to become a Xinfei Electric appliance reforming investor. While committing to repay corporate debt, it also provided guarantees when Xinfei Electric provided loans to the two banks, but eventually gave up.
On June 12th, Xinfei Electric issued an official announcement saying that Xinfei Electric is currently undergoing a smooth reorganization according to law. According to the roadmap of the reorganization plan, Xinfei will innovatively use the form of equity auction to renew the recruitment of restructured investors.