China Evergrande's change of mouth desire to announce the specific reorganization plan during the year

Author:Securities daily Time:2022.07.30

30Jul

According to the company, the information of due diligence will be used as an important basis for the formulation of an overseas debt restructuring plan Xu Jie. On the evening of July 29, China Evergrande issued an announcement of the recent business development and the progress of overseas debt restructuring and basic principles. Earlier, China Evergrande announced that it would announce the restructuring plan by the end of July, but at present, the restructuring plan has not been released as scheduled, but it will become "hoping to announce the specific reorganization plan as soon as possible and make positive progress as soon as possible." In terms of business development, the announcement shows that in the first half of 2022, China Evergrande achieved contract sales of 12.26 billion yuan and contract sales area of 1.193 million square meters. The announcement also disclosed the predetermined by the new energy vehicle Hengchi 5 independently developed by China Evergrande New Energy Automobile Group Co., Ltd. Hengchi 5 Automobile officially started pre -sale on July 6, 2022. As of now, it has received a total of pre -sale The order exceeds 37,000 units. Evergrande emphasizes that it has always conducted constructive communication with the US dollar priority notes issued by Scenery Journey Limited, which holds a company and its overseas subsidiaries. Evergrande said that he is working closely with creditors and relevant consultants and communicating regularly to carry out necessary and orderly due diligence to the group's core business, and explore potential and feasible overseas debt restructuring plans. Important basis. The due diligence is expected to be basically completed in the near future. At that time, Evergrande will communicate with relevant creditors and consultants to communicate the framework and suggestions of overseas debt restructuring plans. It is hoped that the specific reorganization plan will be announced as soon as possible in 2022. Zhang Dawei, the chief analyst of Zhongyuan Real Estate, believes that "the possibility of announced the specific restructuring plan in Evergrande in the year, and there is no obvious recovery of the real estate market. At this stage, it depends on how to implement the policy of insurance. See, the debt crisis is still difficult to deal with. "Yan Yuejin, a well -known real estate analyst, also told the Securities Daily reporter," It can be seen that Evergrande has been catching up the sales of houses and is still catching the sales of the car because the sales situation is because the sales situation It is important for 'back blood'. "Evergrande also announced the progress of overseas debt reorganization and the principles of planning, saying that it has always been with the financial and legal consultant evaluation group to formulate solutions to respect all the rights of all interests. The purpose is to gradually restore orderly operations to release operations and asset value. Evergrande stated that the planned overseas debt restructuring plan will be based on the three principles of respect for international reorganization and the existing rights and claims of all creditors, and arranging protection measures: to arrange security measures. Evergrande emphasizes that in order to ensure fairness, the corresponding composition of the asset packets of each group of debt will be based on the legal structure of overseas debt, that is, the arrangement of the relevant asset package will fully consider the company’s assets and liabilities level, cash flow analysis, inter -company loan structure And the contract and legal priority of various claims, and any support from Evergrande shareholders. The scope of overseas debt that is proposed to reorganize, including US dollar priority bills, Jingcheng Co., Ltd. and Tianji Holdings Co., Ltd. provide guarantee, Evergrande Real Estate Group Co., Ltd. provides the US dollar priority notes with good and equity acquisition commitments; Evergrande and Evergrande overseas Other overseas debts of subsidiaries (including the guarantee and repurchase obligations undertaken by Evergrande may have debt, such as RV treasure -related equity repurchase obligations, etc.). Evergrande said that the company hopes that the overseas debt restructuring plan can cover the requirements of as many creditors as possible. In applicable, it is estimated that the restructuring plan may include a fair and reasonable procedure to determine the credit amount of the creditors. The overseas debt restructuring plan is planned to be implemented through one or more agreements, but it must be approved by relevant creditors, courts and other required approval (if.) "This time Evergrande announced several principles and the scope of debt, which can better stabilize the expectations of the creditors, help alleviate the anxiety of the creditors, thereby accelerating the advancement of debt restructuring." Yan Yuejin said.