2065438+On March 22nd, 2009, the senior executives of dandong port Group Co., Ltd. (hereinafter referred to as dandong port Group) appeared in Beijing and held the "dandong port Debt Restructuring Media Meeting". At this time, high-profile debt restructuring is a desperate attempt by dandong port Group to resist bankruptcy restructuring.
At the beginning of 2005, dandong port Group was restructured from the former dandong port Administration Bureau. China executive information disclosure network shows that the actual controller of dandong port Group is king. Dandong port is mainly engaged in port storage, loading and unloading and transportation.
From June 20 17 to June 20 10, dandong port Group began to default collectively due to the increasing accumulated debts. Wind data shows that up to now, 7 of the 28 bonds issued by dandong port have defaulted, with a total scale of 7.95 billion yuan.
It has been nearly a year and a half since the first debt default. According to the 265438+20th Century Business Herald, according to the resolution formed by the creditor committee of dandong port Group composed of banks and other financial institutions, some members of the creditor committee have submitted the bankruptcy reorganization application of dandong port Group to the court, waiting for the court to decide whether to accept it or not.
Hu Fenghao, CEO of dandong port Group, admitted at the media meeting that the court has not formally accepted the case, "but we have issued a notice to prepare materials for bankruptcy and reorganization".
Hu Fenghao also said that the reason why dandong port refused to go bankrupt was that debt restructuring was enough to solve the group's debt problem, and it only took three to five years.
Dandong port, do you have a minute?
Why is there a debt crisis? Hu Fenghao gave two reasons.
First, affected by the spillover effect of events such as the bankruptcy of Northeast Special Steel, dandong port's bond issuance plan originally approved by the CSRC stopped, resulting in dandong port's inability to trade in the old for the new, and the capital chain was broken; Secondly, dandong port Dadonggang District's public infrastructure, such as navigation channels and breakwaters, which should have been funded by the local government, and the reclamation projects within the planned scope, were funded by dandong port, with a total investment of 22.789 billion yuan.
Subsequently, Hu Fenghao took out the data as of February 20 19, saying that the total liabilities of the group were 489.3 1 billion yuan, including interest-bearing debts of financial institutions of 39.65 billion yuan and operating debts of 92.8 1 billion yuan; The total book assets of the group company are 60.275 billion yuan, and the total assets after inventory evaluation are 89.469 billion yuan. In this way, its asset-liability ratio is 54.69%. If the government's contribution is deducted, the debt ratio is lower.
However, according to the information of Shanghai Clearing Network, dandong port has not disclosed its financial information since the third quarterly report of 20 17 was released on October 30th. Its third quarterly report of 20 17 shows that dandong port has total assets of 6180 million yuan, total liabilities of 46.46 billion yuan and asset-liability ratio of 77%.
A person close to the Liaoning provincial government expressed doubts about the financial data disclosed by dandong port this time. He pointed out to the Southern Weekend reporter that the total assets data released by dandong port this time is 30 billion more than the data disclosed in the third quarterly report of 20 17, which is obviously conducive to resolving debts. But now, dandong port has failed to reach an agreement with its creditors, and obviously its financial data is untenable.
According to 2 1 Century Business Herald, a person close to dandong port was quoted as saying that in addition to tens of billions of financial debts, dandong port still has billions of contingent liabilities and still owes hundreds of millions of yuan in taxes. The assets announced by dandong port this time have some "moisture". For example, the land assets owned or built under its name may have illegal use of the sea and illegal reclamation.
Hu Fenghao insisted that dandong port has the ability to pay off its debts independently. The data presented by it shows that it has repaid part of its debts. In addition, dandong port's production and operation are also recovering. For example, in 2065438+2008, the group earned more than 2 billion yuan, which basically covered the current interest, repaid some bank interest arrears and open market bonds, and reissued the arrears of employees' wages.
A dandong port employee confirmed the idea of unpaid wages to Southern Weekend reporter. He revealed that dandong port also had arrears of wages before, but now the situation has improved, "up to one month". Another dandong port employee also told Southern Weekend that the port has been operating normally in recent years, and the annual throughput is not much different from previous years. Even after the debt problem, there were no large-scale layoffs.
However, considering the development prospects, former employees resigned and turned to selling strawberries. He also revealed that due to the Group's inability to pay off the loan to Dandong Bank, Dandong Bank suffered serious losses.
Hu Fenghao said that Liaoning Port Group is ready to take over dandong port. The full name of Liaoning Port Group is Liaoning Port Group Co., Ltd., and its purpose is to integrate the port resources in the coastal areas of Liaoning Province.
At the end of 20 17, Liaoning Northeast Asia Port and Shipping Development Co., Ltd. was established as a platform for port integration in Liaoning Province. At the beginning of the following year, 0/00% shares of Dalian Port Group and Yingkou Port Group/KLOC-were transferred to the company free of charge, and the actual controllers of the two ports were changed from local SAAC to Liaoning SAAC.
On October 20 18, 1 1 year 10, China merchants invested in Liaoning Northeast Asia Port and Shipping Development Co., Ltd. through capital increase, and obtained 49.9% equity. Since then, Liaoning Northeast Asia Port and Shipping Development Co., Ltd. has changed its name to Liaoning Port Group.
Port integration in Liaoning coastal areas is in full swing, which has become a thorn in dandong port's heart.
Hu Fenghao said at the press conference that in 20 17, China Merchants sent a working group to dandong port for inspection, which coincided with debt default. Dandong port proposed to China Merchants that he should invest a sum of money to save himself, saying that "it's okay to save his life, and the shares can be transferred for free." . But the other party did not answer.
This made Hu Fenghao suspicious. At that time, the invitation was rejected because the other party "picked up a dandong port for nothing" in order to wait for the bankruptcy of the enterprise.
The minutes of the above-mentioned meeting also show that as of 20 1918/0, members of the 17 debt committee voted to promote the bankruptcy reorganization of dandong port Department in the form of liquidation group, and agreed to ask the government to take the lead in setting up the liquidation group of dandong port Department.
Dandong port, on the other hand, won the support of many legal scholars and gave expert opinions on the bankruptcy law of dandong port Co., Ltd. The submission pointed out that even if the bankruptcy reorganization procedure is entered, the government and relevant departments are not allowed to act as administrators or enter the liquidation group.
In this regard, the above-mentioned people close to dandong port believe that it is imperative that the Dandong court should accept the case as soon as possible and verify the actual assets and debts of the company. As for dandong port's recent action, it is more like a delaying tactic. "Once the company goes bankrupt and reorganizes, it will lose control, so it is announced that it has a certain solvency to delay the pace of creditor institutions applying to the court for bankruptcy and reorganization."
At this media meeting, Wang, the actual controller of dandong port, did not show up. Hu Fenghao said that he was ill in Hainan because of physical reasons. Public information shows that Wang is 65 years old. He worked in Dandong municipal government in his early years, and then went to sea to do business in the early 1990s.
In February 2005, dandong port was established with Rilin Construction Group Co., Ltd. as the first shareholder. Wang, then the legal representative and shareholder of Rilin Construction Group, also entered dandong port and became the chairman of dandong port.
According to Tianyancha, at present, the market subject type of dandong port Group is "limited liability company (foreign joint venture)", and the four shareholders of the Group are all registered enterprises in Hong Kong. According to China Business News, the investors of these four companies are all Wang, chairman of dandong port Group. However, none of the four companies actually carried out business activities and had no other operating assets. They are shell companies set up by Wang in order to become the actual controller of dandong port and evade the responsibility of shareholders.
Wang was once called "the richest man in Dandong" and once ranked1480th in the 20 18 Hurun Global Rich List with a wealth of1200 million yuan. He is a spendthrift. According to the Investment Times, he became a director of new york University for donating $25 million, and later asked Hillary? The Clinton Foundation donated $2 million.
In 20 16, Wang was involved in the bribery election case of deputies to the National People's Congress, and was taken away from his post as a deputy to the National People's Congress. His whereabouts have been unknown since then.