The Old King Of Shoes Is Trapped In Debt Whirlpool: Another 600 Million Debt Repayment Plan.

603555.SH, once known as the "A share brand of sports brand", is now in the whirlpool of debt default.

In November 11th, the "16 noble bird PPN001", which was issued on 500 million yuan by the noble bird, could not pay the principal and interest in full on time, which constituted a substantial breach of contract.

The company pointed out that, due to the serious limitation of financing channels, the continuous deterioration of debt paying ability, the tight liquidity, and the difficulty in disposing of related assets in the short term to raise funds for this period of debt payment, there has been a breach of contract.

The general scenario is that the company's share price will continue to slide following the impact of the company's share price, but it is reflected in the story of the bird, but it seems to have gone out of a different story.

Since November 19th, the price of expensive bird has risen, and it has been trading for 4 consecutive trading days from November 21st to November 26th.

"Stock prices may be mainly speculation, and from the point of view of bonds, there are also 30 percent off institutions in the market that buy" precious bird bonds ", that is, gambling small payment. But in the future, it's hard to say. In November 27th, a private company in Beijing told the business reporter in twenty-first Century.

At the beginning of next month, you will face another debt challenge. The "14 birds of honor", which is still in the period of survival, is due to expire in December 3rd, with a balance of 647 million yuan.

Share price fluctuation

On the one hand, there is a large debt default, while on the other hand, market speculation is repeated.

In November 22nd, November 25th, November 26th and November 27th, the birds were constantly on the list.

Guotai Junan Nanjing Taiping South Road Sales Department bought 3 million 222 thousand and 300 yuan in November 25th, ranking the day to buy fifth of the top five sales departments, and sold 6 million 340 thousand and 800 yuan in November 27th, which is the first place to sell five sales offices that day.

Dongfang Fortune Securities Lhasa East Ring Road second business department continued to appear in the list of billboards in November 22nd, November 26th and November 27th.

"Some of the shares held by the controlling shareholder of the company will be auctioned off by law, or the cause of concern for the market funds. You may expect the transfer of shares. " A partner of a private equity firm in Beijing analyzed.

However, on the same day, the reporter contacted the birds, a person said, "the performance of the two level stock market volatility is not much related to the company. The company has repeatedly prompted the relevant risks, hoping that investors will make prudent decisions."

As of November 25th, the 426 million 547 thousand and 300 shares held by the controlling shareholder, Hongkong bird Limited (hereinafter referred to as "the noble bird group"), accounting for 67.86% of the total share capital of the listed company, accounting for 89.03% of the shares held by the controlling shareholders, are still frozen or waiting for a freeze. The number of judicial auctions will be 67 million 695 thousand shares, accounting for 10.77% of the total share capital of the listed companies, accounting for 14.13% of the shares held by the controlling shareholders.

The auctions of related shareholders of the controlling shareholders will not lead to changes in the controlling shareholders and actual controllers of the controlling shareholders.

However, the risk notice of UBS pointed out that if the creditor's financing of the group of the people of the great bird group adopts the judicial disposal measures, it may lead to the change of the controlling shareholder and the real controller of the issuer.

In November 27th, the situation of the price limit of the precious birds went to an abrupt stop and replaced by the limit.

Debt crisis to be solved

According to the data, there is also one of the bonds that are still in existence. It is called "14 birds of honor". The balance of the bonds is 647 million yuan and the current coupon rate is 7%. In December 3rd, the bonds were about to expire.

But market institutions are rather skepticism about this. "Judging from the results of the last bond, the company is in a much more difficult position, and the maturity date of this bond is very close. The situation should not be very optimistic." The private placement agency said.

In November 26th, the precious birds also pointed out in the risk warning bulletin that whether the company can fully raise funds in accordance with the agreement, and whether there is a major uncertainty in paying the principal and interest of "14 noble birds" on time.

"Bond repayment is not yet available." A celebrity told the twenty-first Century business reporter.

According to the twenty-first Century economic report, the holder of the bond has been held recently. At the meeting, the holder adopted the motion of asking the "noble bird" and the related party to provide credit enhancement measures for the "14 noble birds", implementing the debt security measures, and disclosing the relevant financial information of the noble bird group and the noble bird.

In fact, the joint rating will be lowered from the original AA level to AA- in June, and then the rating will continue to be reduced to grade A in September this year.

In November 5th and November 12th, the joint rating has been downgraded for two consecutive times. At present, the credit rating of the main bird credit rating and the "14 noble bird" credit rating is CC.

The company's operating data is also worse. Since 2018, there has been a big loss.

Data show that in 2018, GUI bird realized business income of 2 billion 812 million yuan, down 13.52% compared with the same period last year, and net profit from the parent company was 686 million yuan. In the first three quarters of this year, its operating income was 1 billion 169 million yuan, down 49.20% compared to the same period last year, and the net profit of the female parent was 166 million yuan.

The number of stores is changing more obviously. By the end of 9 this year, the number of stores was 2504, which has shrunk by more than half compared with the number of 5000 stores in the peak period.

"This industry is relatively low, but there are different reasons. Although the overall economic situation is not good, there are more problems in positioning and channels, and some are eliminated." Beijing sports industry practitioners believe.

As a matter of fact, these two years have been criticized by many people in the market. They are also a series of areas that have been involved in the diversified transformation of the company, including games, insurance and so on.

By 2018, the sale of assets has also become a key word.

The test of the future still exists. Just like the good bird, it is pointed out that the tight liquidity can only maintain the main business. The tight liquidity has a negative impact on the supply chain, brand marketing, personnel management and channel integration.