1. Case review: On April 20 12, Company E issued 480 million yuan of corporate bonds (hereinafter referred to as "12E bonds") with a term of 5 years. Investors have the option to sell them back at the end of the third year, with an interest rate of 6.78% and the interest payment date of the bonds is April X every year. In April, 20 15, the company failed to raise enough funds in time to pay the interest payable and the resale amount of the current bond "12E debt", which constituted a material breach of the current bond.
2. Basic information of issuers and bonds: Company E was listed on the stock exchange on June 5438+065438+ 10, 2009. The actual controller was M. The company's original main business was high-end catering industry, and it was the first private catering enterprise listed on A shares in China. After many transformations, its main business involves catering service and management, environmental protection technology, network new media and big data processing.
In April, 20 12, the company issued 480 million yuan of corporate bonds with a term of five years. At the end of the third year (April, 20 15), the issuer raised the coupon rate option and the investor put option, with the interest rate of 6.78%, and the interest payment date of the bonds was April X every year.
3. Risk exposure process: The company lost 564 million yuan in 20 13 and 6.59 million yuan in the first half of 20 14, which led to increased business risks, difficult business transformation and doubtful performance authenticity.
20 14, 10 In June, P Credit Company disclosed the irregular tracking rating report of "12E debt", downgraded its main body and debt rating from A to BBB, and triggered the risk warning conditions of the exchange. The Exchange suspended bond trading on1October X 10, and implemented risk warning after the resumption of trading. These bonds were renamed "STE bonds".
In April, 20 15, the company failed to raise enough funds in time to pay the interest payable and the resale amount of the current bond "12E debt", which constituted a material breach of the current bond.
The listing of "STE Bond" was suspended in June 20 15 because the net profit of the company in 20 13 and 20 14 was-560 million yuan and-680 million yuan respectively.
4. Disposal of default risk events: It is difficult to dispose of "12E debt" in default. From the management point of view, first, the performance of traditional catering business continued to lose money, and the development of new business transformed by the company stagnated; Second, the large amount of receivables and prepayments formed by the company in the early stage is about 654.38+0.5 billion yuan, which cannot be recovered; Third, due to housing contract disputes, the company's seven bank accounts were frozen, and daily operations could not be carried out normally. From the perspective of restructuring, first, the company's market value is about 6 billion, and its valuation is high, which increases the difficulty of backdoor restructuring; Second, there is no clear conclusion that the company has been investigated by the CSRC, and there are obstacles to restructuring.
In view of the above reasons, the company started debt restructuring from June 2065438 to June 2005. Because there are many stakeholders involved and the relevant laws and regulations are complex, the company needs to communicate and coordinate with relevant parties many times. Through major asset sales and debt restructuring in the second half of 20 15, the company completed the raising of "12E debt" bonds. On March X, 20 16, the debt repayment funds were transferred to the bank account designated by the securities registration and settlement institution, and the distribution was completed on March X, 20 16. Among them, the principal is 292 million yuan, the interest is 3.53 million yuan, and the penalty is 6.5438+0.72295 million yuan, totaling 3/kloc-0.30 million yuan. At this point, the default event of "12E debt" has been handled.
5. Enlightenment from the case: First, the outbreak of default risk of "12E debt" is related to the great changes in the operating environment of listed companies' main business and the failure of new business transformation. Investors should predict the development trend of the industry in the process of project investment, take correct investment decisions and avoid risks. Secondly, the default event of "12E debt" is the first default event of the principal of public offering bonds in China's capital market, and it is another case after the default event of "1 1C debt", which once again breaks the expectation of rigid payment and reveals the nature of the natural credit risk of bond investment.