Suri multiple considerations common claims continue to restructure repayment of percentage increases may not be

Polaris solar PV net news: October 23, one of Shanghai’s largest PV companies ST Suri (hereinafter “Suri”) reorganization meeting to vote will unfold.

Reporters learned that claim to increase the proportion of ordinary creditors want the 20% to 30%, but the Japanese side proposed does not seem to have changed the face of this idea increases unlikely. This involves multiple factors are complex.

Chances to adjust?

Last week, the number of large-scale photovoltaic companies (ultra ordinary creditors) have solar solar power (hereinafter “Canadian solar”), organized by the closed-door Conference in Suzhou, discussing repayment from 20% up, there have been 45% of the programme. But later, a representative of large general creditors told the newspaper, their requirements to 30%, “assume that Suri gave to this ratio, it is estimated that many people will buy it. “If Suri stick 20% percentage of repayment, the creditor may restructure voted against it, trying to get Golden Concord Group to carry out a restructuring fails.

However, yesterday, reporters from several sources that the Super Administrator and Concord are not on raising the proportion of specific initiatives.

Former creditor representatives said after Suzhou, they called a meeting last week, he has not received a GCL and Suri managers asked, “even though we all know our demands. “Yesterday the reporter was also informed that on October 23 vote or postpone in order to give the parties more room to maneuver, negotiate new repayment ratio or the introduction of new programs. But this claim was denied by one authority involved in restructuring, “our networks and field poll has been sent. ”

Meeting in Suzhou of ordinary creditors ‘ claims about representing more than 1 billion yuan, and their common claims the group totals may involve claims of 4.7 billion yuan. Raise one point each, meaning that future restructuring will pay 47 million dollars in cash.

Multiple factors

From a restructuring perspective, not to raise 20% of compensation practices, has more than one reason.

One brokerage analyst on reporter said: “first, Super day of restructuring costs is divided into several part: to capital public product of equity premium turned increased equity 1.68 billion unit, investors by let above turned increased shares should paid 1.46 billion yuan; Super day through disposal both inside and outside assets and borrowing, way, raised not below 500 million Yuan, total not below 1.96 billion yuan will for paid restructuring costs, and settlement debt and the as Super day follow-up operating of liquidity. If the proportion of common claims of compensation by 10 points (a conservative estimate), just an increase of 470 million Yuan, equivalent to the overall restructuring costs were increased by 20%. ”

He also pointed out that Suri investors not only the restructuring case Jiangsu Golden Concord of Concord Group, including Jiangsu, jiaxing Xin Chang Yuan Qiming, an Bo in Shanghai, Beijing, Shanghai, Shanghai Chen Tao Xiang-Xiang, Shanghai, Wen Xin of Shanghai and Shanghai jiachen joyoung 9. Jiangsu Golden Concord Suri is the role of the controlling shareholders of the future and the current round of restructuring leadership, debt service funds just to take part 8 other financial investors debt settlement and support for resuming production and operation funds, to increase compensation, gain the unanimous approval of the 8 companies. Furthermore, 8 companies also need to take into account increases in proportion of their respective new commitment. “8 company is going to borrow again, using the original restructuring funds to fill? Restructuring Suri’s capital will also be reduced? These are problems. ”

A large creditor within the top echelon of the company also told the paper after the financial difficulties of the company foresaw a day, so on the billion-dollar more than 70% the two claims made. “Now is also being discussed, but the variables it’s hard to say. ”

There’s a United States listed company (one of the creditors), management also revealed that the repayment of the most prized mainly solar and other large creditors, “we are participants. ”

Unlike in the past, the Concord Group to 8 financial investors “into” Super day approaches, the parties are paying more attention to, and properly disposed of, which would seem to be to demand higher proportions of common large creditors to be repaid some resistance.

Prior to this, Suri had a potential restructuring, but it failed to go ahead due to various reasons. Last January, Muli, owned by sdic in Qinghai province, Qinghai province coal industry Development Corporation (hereinafter “Muli coal”) and super large shareholders has reached the intention, chaori solar stake at least 35% shares. But Muli coal industry stakeholders told reporters after Suri’s power projects is that they offer to worry about. “More other power projects, and focus abroad, these small distributed power to the survey including land, facilities and Internet access. Investigations take time, manpower and resources, we are worried that this will delay the Suri’s own development. ”

Original title: Suri multiple considerations common claims continue to restructure repayment of percentage increases may not be

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