Our newspaper learned exclusively that Saiwei has been sued by creditor banks to the court, and the overdue loan amount is about 1 100 million yuan. On 2 1 day, the dispute over Saiwei's financial lending has been heard in court.
Previously, Saiwei had communicated with the creditor bank that filed the lawsuit, hoping to withdraw the lawsuit, but as of 2 1 court session, the two parties still had not reached a settlement.
Since the huge losses in the middle of the year and the downgrade of the bond rating, there have been rumors about the debt default of Saiwei, but with the intervention of the local government and state-owned enterprises, there has been no debt default before.
A person close to Saiwei revealed that Saiwei successfully made most creditor banks write off their due loans, but some relatively small banks did not recognize this practice. In addition to the pressure of these banks' own operations, there is another reason that the creditor committees composed of major lenders have not participated in relevant meetings so far and feel opaque.
By September 30th, 200012, Jiangxi Saiwei had borrowed 8010.50 billion yuan from short-term banks, with non-current liabilities due within one year of 3.8 billion yuan and long-term loans of 3.2 billion yuan, totaling over/kloc-0.50 billion yuan. Saiwei's cash flow is also extremely tight. The net cash flows from operating activities, investment activities and financing in the same period were-654.38+0.8 billion,-550 million and-240 million respectively.
How to avoid further breach of contract is a top priority for Saiwei.
It never rains but it pours. Jiangxi Saiwei 201211019 announced that it had received the warning of delisting from NYSE. "Because the average closing price of the company's American Depositary Receipts for 30 consecutive trading days as of 20 12, 1 1 is lower than 1, it no longer meets one of the continuous listing standards of the New York Stock Exchange".
Small banks are still withdrawing.
Saiwei used to be a guest of the bank.
The prospectus of Jiangxi Saiwei 20 1 1, the first interim ticket, can roughly restore its debt structure. By the end of March of that year, Jiangxi Saiwei had obtained a bank credit of 25.4 billion yuan, and the actual use amount was 654.38+05.2 billion yuan.
Among the main loan banks in Saiwei, state-owned banks, policy banks and joint-stock banks are all listed. Among them, as of March 20 1 1, the used credit lines of Saiwei in CCB, BOC, ABC and BOC were 15 1 billion,1billion and1..
In addition to big banks, CDB, China Merchants Bank and other banks have higher credit lines, which are 2.745 billion and 2 billion respectively. According to the reporter, some local banks are also more active in Saiwei. For example, 20 1 1, Saiwei used the credit line in Nanchang Hongdu Rural Commercial Bank10.50 billion yuan.
As mentioned above, as of 20 1 1, Saiwei's bank loans have climbed to 100 billion yuan.
The loan issued by the bank that sued Saiwei this time is 201/kloc-0. In the third quarter, the working capital loan issued to Saiwei LDK Solar High-tech (Suzhou) Co., Ltd. was about 654.38 billion yuan, which was guaranteed by Jiangxi Saiwei LDK Solar High-tech Co., Ltd. This is a small sum in Saiwei's creditor's rights.
However, affected by the industry dilemma, Jiangxi Saiwei's cash flow is frequently in a hurry. 20 12 in the first quarter, the increase in cash equivalents of Saiwei further shrank to-400 million yuan, and in the third quarter, the data further deteriorated to-2.6 billion yuan.
In this case, Saiwei seeks to lobby the lending bank to renew the loan after the loan expires, so as to keep its cash flow and credit history from defaulting.
According to the third quarter financial report of Saiwei 20 12, the cash obtained by borrowing was 20.6 billion yuan, and the loan repaid in the same period was 20.8 billion yuan, which was roughly the same.
This effort has worked in most banks, but some small banks have to withdraw from Saiwei's financing group because of various difficulties in their own operations.
After the above-mentioned creditor bank's loan to Saiwei expired, after careful consideration, and considering that its own creditor's rights are not large, it will not have much impact on Saiwei's operation, it finally decided not to renew the loan and proposed that Saiwei repay the loan principal and interest. loans overdue.
The reporter was informed that in addition to the loan dispute with the bank, Saiwei was also taken to court by upstream and downstream enterprises. For example, a well-known enterprise specializing in graphite will go to court with Saiwei in order to deal with contract disputes.
Treat creditor banks differently.
"In addition to the bank's own operating pressure and small claims, another reason why the creditor bank of the above litigation is unwilling to continue to lend to Saiwei is that the information of Saiwei, the creditor of small and medium-sized banks, is not transparent enough, including information disclosure and debt handling." The above-mentioned person close to Saiwei said.
In previous years, loans from banks, especially small and medium-sized banks, were generally in the form of credit loans. Therefore, some small and medium-sized banks can only learn about Saiwei through public channels such as performance reports and news reports after granting loans to Saiwei.
In addition, the creditors' committee composed of several large banks has not informed some smaller creditor banks to hold creditors' meetings so far, which also makes some small creditor banks feel that the information is very opaque.
Small creditor banks actually have certain advantages in suing Saiwei. After all, it is difficult for big banks or local banks to quit. If they want to continue to default, Saiwei may be more willing to give priority to solving the problem of small creditor banks.
Since Saiwei has received capital injection from state-owned enterprises, it is better than the expectations of some creditor banks to some extent. However, as far as the domestic and international photovoltaic market situation is concerned, there is still a long way to go for restructuring.
Under normal circumstances, the creditor bank withdraws from Saiwei, and its repayment plan is defined through litigation, or even if it cannot repay in full, its outstanding loans need mortgage or guarantee. After all, for large new energy enterprises such as Saiwei and Suntech, credit loan was once the main loan method.
It is reported that for all creditors, Saiwei has not clearly announced a clear debt repayment plan. Some creditor banks have not received the previously reported creditor's rights discount agreement. Moreover, it is difficult for creditors to agree to any repayment agreement before the due diligence of Saiwei assets and debts.
A big banker told reporters that at present, Jiangxi local governments are most worried about public debt (such as bonds) because of its great influence. In addition, compared with major lending banks and local banks, small creditor banks have different voices on the debt issue of Saiwei. For Saiwei, the difficulty is also obvious. They are faced with the creditor's rights of more than one bank. If one bank withdraws, it may cause other banks to follow suit.
On 2 1 day, the above creditor banks and Saiwei were brought to court. However, even in the execution process after the court decision, the bank can still negotiate the specific repayment plan with Saiwei.