The hottest paper industry shocked Galaxy paper, w

Paper enterprise industry shock - Galaxy paper defaulted 2.4 billion yuan to the bank

the state-owned enterprise MCC paper Galaxy Co., Ltd. (hereinafter referred to as MCC Galaxy), which has always had good credit, has frequently defaulted on its loans recently, which surprised many creditor banks. What worries the bank more is that after the enterprise with an annual profit of 150million yuan is stripped off and restructured with high-quality assets, its 2.4 billion yuan debt is likely to be unable to be repaid

the enterprise reorganizing MCC galaxy is China Chengtong Holding Group Co., Ltd. (hereinafter referred to as China Chengtong). Since the latter proposed the restructuring plan, creditor banks have begun to question its intention to evade or abandon debt

honest people suddenly defaulted on loans in a large area

located in Linqing City, MCC Yinhe is a wholly-owned subsidiary of MCC Paper Group Co., Ltd., which belongs to China Metallurgical Science and industry group, with many halos such as the national top 30 pulp and paper enterprises and the National Top 10 enterprises in the economic benefits of the paper industry. On March 5, China Metallurgical Science and industry group transferred its paper-making sector enterprises to China Chengtong for restructuring. In order to ensure the smooth progress of this transfer, SASAC provided 3 billion yuan and China Metallurgical Science and Industry Corporation provided 4.8 billion yuan

according to a number of people close to MCC galaxy, as a state-owned enterprise, the company has a good reputation and has not had any bad credit record for many years

the calendar turns to May 29 this year, a sudden change in the situation. Linqing Agricultural Bank learned that the 2.8 million US dollar letter of credit of MCC galaxy that was about to expire might be partially advanced, and realized that the company might have problems. The risk of MCC galaxy is emerging

on June 5, the due loan of RMB 50million of Bank of Beijing failed to be recovered. On June 20, industrial and Commercial Bank of China and Huaxia Bank had 40million yuan and 36million yuan of loans outstanding at maturity, respectively, to improve the overall competitiveness of the industry. Nearly 9million yuan of L/C loans from bocom and 22.05 million yuan of rent from bocom leasing were also in arrears. June 21 is the interest payment date of bank loans, but MCC Galaxy failed to pay interest on schedule to more than a dozen creditor banks. So far, its debt crisis broke out in an all-round way. According to statistics, at the beginning of June, the remaining outstanding bank loans of MCC Galaxy were about 3.4 billion yuan, and the unpaid financial lease payments were 680million yuan, a total of more than 4 billion yuan

creditor banks reacted one after another. Bank of Beijing and Zheshang Bank sued the court and sealed up the MCC Galaxy account and part of its land and real estate. Many banks formed a creditor's rights maintenance club

are all caused by restructuring. In 2013, China imported waste materials from more than 160 countries (regions) on five continents around the world

for the cause of this incident, many bankers pointed to the restructuring of MCC galaxy by China Chengtong

it is reported that China Chengtong has dispatched new senior executives such as the general manager and the deputy general manager in charge of finance to MCC galaxy, and has taken over the company's financial, operational, personnel and other powers

on June 4, China Chengtong provided the creditor banks with the restructuring plan of MCC galaxy. The specific contents are as follows: China Chengtong plans to establish a new company, Chengtong Galaxy Paper Co., Ltd. (hereinafter referred to as Chengtong Galaxy). About 1.8 billion yuan of debt and operating assets of MCC Galaxy are transferred to Chengtong galaxy, and the old company assumes the remaining debt. Since March 21, 2013, creditor bank loans have been implemented by floating down 30% of the benchmark interest rate. Creditor banks treat the original debt that continues to be borne by MCC galaxy as interest free, and follow-up loans when due

the restructuring plan attracted strong dissatisfaction from creditor banks, who believed that the plan revealed China Chengtong's intention to evade bank debt. Although it is rare for loan interest rates to fall, this is not the most important. The fatal thing is that after the divestiture of operational assets, MCC galaxy will only have an empty shell and no production capacity. What can we use to repay the debt of more than 2 billion yuan

it is understood that MCC Yinhe has an existing production capacity of 800000 tons, an annual output value of about 3 billion yuan, an annual net profit of about 150million yuan, and an asset liability ratio of only 62.9%, making it a major profit maker in MCC Paper Group. This month, the company achieved a sales revenue of nearly 700million yuan and a total profit of 42.2 million yuan

creditor banks believe that the restructuring plan has seriously infringed on the bank's creditor's rights, and they all disagree with its restructuring. It is understood that in the credit contract signed between the bank and the enterprise, it is generally agreed that the enterprise must obtain the consent of the bank on major matters such as restructuring

MCC Yinhe may face the risk of shutdown

according to relevant personnel, after the account funds were checked and sealed, the cash receipts from sales have begun to pass through other enterprise accounts, and most of the remaining sales are mainly received by bank acceptance, and the acceptance is used to pay the payables of some raw materials

after the CMCC Galaxy debt crisis spread, suppliers panicked and concentrated on door-to-door collection of payment. It is understood that three suppliers filed a lawsuit on the grounds of debt disputes, and MCC Galaxy paid most of the payment through partial cash payment and product credit. However, the supplier no longer sells the enterprise on credit, and the enterprise capital chain is further strained

according to the survey of a bank's credit personnel, the operating rate of MCC galaxy has dropped to about 50% since June 12, and again to about 30% after June 20. However, the working conditions of workers are relatively normal, mainly focusing on machine maintenance, hygiene and learning. The stock of paper products in the warehouse has decreased significantly compared with the end of May, and the enterprise is facing a sharp reduction in production or even a complete shutdown. In view of the above reasons, some banks have adjusted the financing of MCC galaxy to the category of concern

it is understood that in the above restructuring plan, the number of employees of MCC galaxy is planned to be reduced from about 6000 to more than 2000. However, a woman surnamed Wang who claimed to work in the production workshop told that at present, the company's production is normal, the employees' wages are not in arrears, and she has not heard of the news of layoffs. A woman in the company's office who asked not to be named said she didn't know anything, had no comment, and had a tough attitude

some professionals said that if the deadlock continues, the bank can only take legal measures to freeze and seal up the assets of MCC galaxy, and the company will face bankruptcy liquidation. If things get to this point, enterprises, banks and local governments will all become losers

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