ST Kangdexin (002450) disclosed the reply to the resolution of the 1.5 billion yuan default bondholders meeting held on January 22nd. The company stated that it will provide the company’s actual controller Zhong Yu irrevocable joint and several liability guarantee. And strive to pay the principal and interest before March 31, 2019. ST Conde New Default Bonds include the company's 1 billion short-term financing bonds for the first phase of 2018, Kangde New SCP001 and the 500 million yuan for the company's 2018 second-phase ultra-short-term financing bonds. 18 Conde New SCP002 .(Previous reports>>ST Kangde new detonated serial mines. "Chinese-style SM")
The actual controller bears the joint guarantee responsibility
The creditor's motion proposes that ST Kangdexin must fulfill the “18 Kangde New SCP001” and “18 Kangde New SCP002” debt service obligations, and raise funds to complete the current debt financing instrument principal before February 15, 2019. Interest redemption; during this period, an asset package that is not less than the size of the debt financing instrument may be added to the current debt financing instrument orPledgeGuarantee, and provide the company's actual controller Zhong Yu irrevocable joint and several liability guarantee. The issuer shall cooperate with the lead underwriter to complete the corresponding additional legal procedures within 15 working days after the resolution of the meeting is passed.
ST Kangde new reply said that it will provide the company's actual controller Zhong Yu irrevocable joint and several liability guarantee.
The creditor's motion also requires ST Kangde to formulate a specific debt repayment plan for 18 Conde new SCP001 "and" 18 Conde new SCP002 and repay the principal and interest and liquidated damages. ST Kangdexin said that the company is striving to pay the principal and interest before March 31, 2019.
However, the company only stated that it “known” to the creditor’s proposal to “require the issuer to terminate all investment plans with a single cash expenditure of more than 100 million yuan before the completion of the principal and interest and liquidated damages”.
ST Kang Dexin also said that the company and holdingshareholderThe business of the Conde Group is completely isolated; the company has no majorReorganizationOr asset disposal plan, but is actively introducing strategic investors; the company's management and core technical team remain stable overall. Zhangjiagang government organized a bail-out of no less than 2.7 billionfundIt is advancing and has begun to engage with creditors.
Request to strengthen information disclosure
The creditor proposed that the issuer should disclose (or publicly disclose) the bond company to the bond company as of January 15, 2019.currencyFunds and restrictions, and regularly disclose the balance of currency funds, use, and restrictions on a weekly basis.Cash flowWater record. In addition, the issuer is required to disclose the usage and flow records of the book's monetary funds of 15.014 billion yuan from the end of September 2018 to January 15, 2019; regular (weekly/monthly) description of the company's funds occupied by shareholders, including but not Limited to the use of funds, disclosure of balances, recycling plans, recycling progress.
Regarding the above proposal, ST Kangde responded that the company will do the relevant disclosure work in accordance with the information disclosure requirements of listed companies and the “Regulations on Information Disclosure of Non-financial Corporate Debt Financing Instruments in the Inter-bank Bond Market”.
The creditor also requested that before the completion of the principal and interest and the liquidated damages of the two default bonds, any additional public guarantees, assets pledge, sale of assets, etc., which increase the potential debts and realise the assets, must be subject to “18 Conde The new SCP001" "18 Conde New SCP002" bondholders meeting can be considered and approved; before the completion of the two default bond redemption, the issuer must not redeem the expiration date at "18 Conde New SCP001" "18 Conde New Other liabilities after SCP002"; and the issuer's deferred payment of principal and interest, will be issued from the date of defaultinterest rateAdjusted to 9.5%, in addition, the issuer must also follow the deferred payment amount in daysinterest rateFive-fifths (0.5‰) is calculated to pay liquidated damages to creditors.
Regarding the above proposal, ST Kangde has new objections. The company believes that the implementation of the above measures will further increase the company's current liquidity risk, which is not conducive to the resolution of the overall debt crisis.
On the evening of February 10, ST Kangdexin also announced the issuance of creditors' meetings for the two mid-term notes of 2017 with a face value of 2 billion yuan. In response to the creditor’s proposal to require the issuer not to evade debt and provide credit for the medium-term notes, ST Kangdexin said that the company will not maliciously evade debt and is actively raising funds to resolve current liquidity risks, agreeing that at the appropriate time Try our best to provide credit enhancement measures for the above medium-term notes. The creditor also hopes that the issuer will pay the interest payable for the most recent interest-bearing year of the two interim notes in advance, and the company stated that it will pay interest on schedule according to the time specified in the prospectus.
(Article source: China Securities Journal)