Huge debt repayments soon
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On July 1st, Xilinmen Furniture Co., Ltd. issued an announcement, intending to buy back a large amount of bonds issued three years ago for the company's controlling shareholder Huayi Investment.
The amount of this bond at the time of issuance was as high as 1 billion yuan, a total of 10 million. This bond is about to expire, and Huayi Investment must buy back the bond in full before the maturity date.
Currently, the sole holder of this bond is an asset management plan.
The full name of this asset management plan is Tianfeng Securities No. 2 Graded Collective Asset Management Plan, which was established by Tianfeng Securities Co., Ltd.
On April 3, 2019, Gujia Furnishings Co., Ltd. and its subsidiary Gujia Furnishings (Ningbo) Co., Ltd. subscribed a total of 310 million yuan in the B-level share of the No. 2 asset management plan. On April 10, 2019, asset management plan No. 2 invested a total of 10 million exchangeable bonds issued by Huayi Investment-that is, the above-mentioned bonds issued by Huayi Investment in 2016.
If Huayi Investment can successfully pay the principal and interest of the total amount of 1.215 billion yuan and buy back the bonds, Xilinmen ’s controlling interest will not change.
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Not repayment, such as the consequences of what?
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The question is: does Huayi Investment have so much cash?
As the controlling shareholder of Xilinmen, Xilinmen Furniture Company suffered a loss of 438 million yuan in 2018. The capital status of Huayi Investment is obviously very optimistic.
If you cannot pay cash in time and buy back the bonds, what are the consequences?
The announcement also made it very clear:
"If Huayi Investment or its designee fails to negotiate with the No. 2 asset management plan manager on this transaction before the grace period, Huayi Investment agrees to conduct the Xilinmen Board of Directors in accordance with the company law and the company's articles of association Process of reorganization. "
This also means that Gujia Home will enter the board of Xilinmen and even have a controlling stake. Huayi Investment's controlling stake in Xilinmen will change hands.
This grace day refers to August 9.
This grace day announcement also explains why:
"Hua Yi Investment or its designated party must pay the transfer of this transaction in full before July 31, 2019, but if Hua Yi Investment coordinates government agencies, state-owned commercial banks, joint-stock commercial banks and other entities before July 31, 2019 If the financing agreement approved by the asset management plan No. 2 and the loan approval form and other documents are issued, the payment period will be graced until August 9, 2019. "
This grace period was interpreted by industry insiders as: "Getting a nine-day grace period is equivalent to the fact that Chen Ayu, the real controller of Xilinmen, has left a time window for himself to force the local government to help. "
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If the controlling right changes hands, the industry's first will change
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If Huayi Investment cannot pay the maturity of 1.215 billion yuan in bonds before the end of this month, or let the local government help coordinate the repayment of bank institutions, Xilinmen, a famous brand mattress company in Shaoxing, will change hands in the pocket of Hangzhou enterprise Gujia Household.
Gu Jia Home has already acquired Xilinmen for a long time: On October 15, 2018, Gu Jia Home and Xilinmen simultaneously disclosed the letter of intent for the equity transfer. Gu Jia Home or its designated holding subsidiary plans to use cash to not less than 15.20 yuan per share 3. The total price of not less than 1.38 billion yuan to acquire Xilinmen held by Huayi Investment is not less than 23% of the total equity. At the time, Huayi Investment held 43.85% of Xilinmen.
Half a year later, the two parties failed to reach a consensus before the expiry of the "Letter of Intent for Equity Transfer", the letter of intent was automatically terminated and the acquisition was suspended.
On April 12, 2019, Gujia Household and its subsidiaries plan to directly contribute 310 million yuan to participate in Tianfeng Securities Asset Management Plan to invest in Huayi Co., Ltd. to pay debts. After the debt-to-equity swap, Gujia Household may still become the controlling shareholder of Xilinmen.
On May 1, 2019, in response to the inquiry letter of the Shanghai Stock Exchange, Gujia Household stated that "there is a possibility of obtaining control of Xilinmen", and Xilinmen said: "Huayi Investment has transferred all Huayi to Gujia Household through the No. 2 Asset Management Plan Exchangeable debt may become Xilinmen's largest shareholder matter, expressing its clear opposition. "
Today, the repayment of Huayi Investment is imminent, and whether Xilinmen's controlling right is still in the hands of the old owner, the answer will be announced soon.
If Gu Jia Home Holdings is happy to succeed, Gu Jia Home will undoubtedly take the throne of the furniture industry's operating income in 2019.
According to the 2018 annual reports of Gujia Household and Xilinmen, the combined operating income of the two companies reached 13.383 billion yuan in 2018, far exceeding the 11.09 billion yuan of the first European furniture company in furniture manufacturing.
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