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Insolvency, loss in advance in the first half of the year exceeding 1.1 billion Shenyang Machine Tool bankruptcy reorganization was accepted by the court

it has just been more than a year since it was removed from the hat, (000410, SZ) has embarked on the road of wearing the hat again. On the evening of August 18, Shenyang Machine Tool said that the court ruled to accept the reorganization application of the creditor Shenyang Meiting Cable Sales Co., Ltd. (hereinafter referred to as Meiting cable), and the company's shares will also be subject to delisting risk warning on August 20

Rome wasn't built in a day. The daily economy noted that since 2012, Shenyang machine tool has been losing money for seven consecutive years after deducting non profits. In addition, in july2019, the company has exposed the problem of overdue debt

according to the announcement of Shenyang machine tool, if the reorganization fails, the company will be declared bankrupt. If the company is declared bankrupt, its shares will face the risk of delisting

at the end of July, there were four overdue debts.

Shenyang Machine Tool announced on the evening of the 18th that the company received the civil ruling served by Shenyang intermediate people's Court (hereinafter referred to as Shenyang intermediate people's court) on August 16, ruling to accept the reorganization application of the creditor Meiting cable for the company

according to the ruling, the Meiting cable was supplied by Shenyang machine tool. As of May, 2019, Shenyang machine tool had defaulted on the payment for Meiting cable by 4.41 million yuan, which had not been paid after being urged by Meiting cable. Shenyang Machine Tool Co., Ltd. said that the due creditor's rights enjoyed by Meiting cable were true, and the enterprise was short of funds and was unable to pay off the due debts. It had no objection to the reorganization application of Meiting cable and the evidence submitted, and agreed to enter the reorganization procedure

the Shenyang intermediate people's court believes that after finding out the facts, the standard value deviation of Shenyang machine tool 7 and various parts cannot pay off the due debts, obviously lacks the solvency, has the reason for reorganization, and has the necessity and feasibility of reorganization. Therefore, Meiting cable applied for the reorganization of Shenyang machine tool, which was in line with the law

the debt problem of Shenyang machine tool has long appeared. According to the inquiry letter of 2012 and 8-year annual report of sports and leisure products issued by Shenzhen Stock Exchange to the company at the end of May this year, the company's capital balance at the end of the reporting period was 3.509 billion yuan, of which 3.477 billion yuan was restricted (including 5.0462 million yuan of frozen deposits). Meanwhile, the interest expenditure of listed companies during the reporting period was 624million yuan; The ending balance of interest bearing liabilities was 12.346 billion yuan, and the ending asset liability ratio reached 99.26%; The net asset at the end of 2018 was RMB 67million, and the net asset in the first quarter of 2019 was -510million. Accordingly, SZSE requires listed companies to explain the current debt level and relevant debt repayment arrangements

in June this year, Shenyang Machine Tool replied that in recent years, the company's matured debts have been repaid on schedule and there is no record of default. The listed company has fully communicated with the bank, which can ensure the stability of the existing loan line, there is no risk of loan withdrawal and credit compression in the future, and can effectively ensure the timely repayment of matured debts

however, after only more than one month, that is, the end of July, the company had a debt overdue problem. According to the debt overdue announcement issued by Shenyang machine tool, the company and its subsidiaries had four overdue debts, with a total amount of more than 100 million yuan

before the reorganization of Shenyang machine tool was accepted, the company controlled Shenyang machine tool group was also applied to the court for reorganization by the creditors. On July 19, it was said that the reorganization application of Shenji group had been accepted by the court

the deduction of non net profit for seven consecutive years is negative

because it has been ruled by the Shenyang intermediate people's court to accept bankruptcy reorganization, the shares of Shenyang machine tool will be traded on August 19, 2019, August 20, 2019, and the delisting risk warning will be implemented on the day of resumption of trading. The abbreviation of the shares will be modified to "*st Shenyang machine tool", and the daily rise and fall of the shares will be limited to 5%

Shenyang machine tool also announced that if the company successfully implements the reorganization and completes the reorganization plan, it will help to improve the company's assets. The emergency situation is just the following debt structures. If the reorganization fails, the company will be declared bankrupt. If the company is declared bankrupt, its shares will face the risk of delisting

Shenyang machine tool was listed on the Shenzhen Stock Exchange in 1996. At present, the company's main products include traditional machine tool equipment and related parts, i5 intelligent machine tool equipment, supporting products, industrial process solutions, industrial services, etc

why did Shenyang Machine Tool enter such a dilemma this time? The daily economy has noticed that the company has been declining for a long time. From the perspective of deducting non net profit, Shenyang machine tool has been losing money for seven consecutive years since 2012

not only that, because the audited net profit in 2015 and 2016 was negative continuously, the company's shares had been warned of delisting risk since may3,2017. Until the company disclosed the 2017 annual report on january31,2018, due to the company's understanding of the testing machine manufacturer in 2017, the audited net profit and ending net assets were positive, so the delisting risk warning of stock trading could be revoked from march1,2018. Since August 20, this time, Shenyang machine tool has been *st, which is only more than one year since the company last took off its hat

at present, the loss of Shenyang Machine Tool continues. The performance forecast for the first half of 2019 released by the company on the evening of July 12 said that the company is expected to lose 1.1 billion yuan to 1.45 billion yuan in the first half of this year. With regard to losses, the company said that as the prosperity of many key downstream industries such as automobile and consumer electronics decreased significantly, the machine tool market began a new round of decline. The competition among the enterprises in the machine tool industry is extremely fierce, and the operating funds are tight. The sustainable operation of some enterprises is greatly challenged

at that time, SMT also analyzed that, in addition to the adverse impact of the external market environment, the company continued to face the situation of tight capital and serious shortage of production investment, and a large number of machine tool orders were delayed. At the same time, due to the delivery delay, the new signing intention of agents and potential direct customers was seriously insufficient, and the scale was seriously affected during the reporting period, with a large decline

(source: daily economy)


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