The announcement shows that the debt default of Brilliance Group has an impact on the production and operation of the headquarters of Brilliance Group, which leads to the deterioration of the financial situation and the great impact on the solvency.
Brilliance Group said that the disclosure of debt default has not triggered other debt prepayment clauses at present. In addition, the Group is actively negotiating with relevant creditors, and at the same time, it is stepping up efforts to raise funds, speeding up the work related to clearing debts and revitalizing assets, and striving to properly resolve debts.
At present, Brilliance Group has a debt of over 100 billion yuan. Brilliance Group's 2020 semi-annual bond report shows that the total debt of the group is 132844 billion yuan, and after deducting goodwill and intangible assets, the asset-liability ratio is 7 1.4%. The ending balance of cash and cash equivalents was 32.677 billion yuan. Wind data shows that the debt ratio of domestic car companies is mostly below 60%.
According to Tianyancha information, the shareholders of Brilliance Group are the State-owned Assets Supervision and Administration Commission of Liaoning Provincial Government and the Social Security Fund Council of Liaoning Province (Provincial Industrial (Venture) Investment Guidance Fund Management Center), holding 80% and 20% of the shares respectively. According to the bond rating report issued by Oriental Jincheng, by the end of 20 19, Brilliance Group had 34 first-and second-tier subsidiaries, including 4 listed companies, namely Brilliance China (114. HK), Jinbei Automobile Co., Ltd. (Jinbei Automobile, 600609), Shanghai Shenhua.
165438+1October 13, the case number (2020) Liao 0 1 Poshen No.27 published by the National Enterprise Bankruptcy and Reorganization Information Network shows that Gezhi Automobile Technology Co., Ltd. applied to Shenyang Intermediate People's Court of Liaoning Province for bankruptcy and reorganization of Brilliance Group.
Due to the bankruptcy and reorganization of Brilliance Group, Shenhua Holdings and Jinbei Automobile, subsidiaries of Brilliance Group, both issued suggestive announcements on the evening of 1 1.05.
Shenhua Holdings said that if Brilliance Group enters the restructuring process, it may have a certain impact on the company's annual performance and may have a certain impact on the company's shareholding structure. Jinbei Automobile said that if Brilliance Group goes bankrupt and reorganizes, the company may make a large provision for bad debts; In addition, the balance of guarantees provided by the company to Brilliance Group and its related parties is 530 million yuan. If it goes bankrupt and reorganizes, it is uncertain whether the relevant guarantee can be lifted smoothly.
However, both Shenhua Holdings and Jinbei Automobile stated that the company has independent and complete business and independent operation capability, and is independent of the controlling shareholder and its related parties in terms of business, personnel, assets, institutions and finance. The reorganization of controlling shareholders will not affect the daily production and operation of the company. As of the disclosure date of this announcement, the company's production and operation are normal.