评司论企｜远洋双轨重组方案背后的生存逻辑

Core Viewpoint - The company, Yuanyang Group, has introduced a preliminary restructuring plan for its domestic bonds, involving approximately 18.07 billion yuan in bonds, with four repayment options available to creditors, potentially reducing the domestic bond balance by up to 69% [1][2][8]. Summary by Sections Domestic Bond Restructuring Plan - The restructuring plan offers four repayment options: cash buyback, stock economic rights, asset debt settlement, and long-term debt retention [2][6]. - The bonds involved include seven company bonds and three bank financing tools, with a total outstanding principal amount of approximately 18.07 billion yuan as of the end of 2024 [4][5]. Repayment Options 1. Cash Buyback Option: The company plans to buy back up to 4 billion yuan of bonds at 20% of their remaining face value, resulting in a repayment rate of 20% [6]. 2. Stock Economic Rights Option: The company will issue up to 2.8 billion new shares to repay part of the bonds, with an estimated repayment rate of around 20% [6][7]. 3. Asset Debt Settlement Option: This option is divided into residential and commercial project income rights, with repayment rates of 30% and 100% respectively, although actual cash recovery depends on project income stability [7]. 4. Long-term Debt Retention Option: The maturity of the bonds will be extended by 10 years to September 30, 2035, with an interest rate adjustment to 1% per year, which dilutes the value of creditors' claims [6][8]. Impact of Restructuring - If the first three options are fully subscribed, the estimated remaining domestic bond scale could be over 5.6 billion yuan, leading to a potential 69% reduction in the domestic bond balance, significantly lowering the company's leverage and facilitating a quicker return to healthy operations [8]. Comparison with Overseas Debt Restructuring - The overseas debt restructuring plan involves approximately 4 billion yuan in debt, utilizing structured debt reduction and legal enforcement mechanisms, with new notes issued at a lower interest rate of 3% [10][14]. - The overseas plan has a more rigid structure, ensuring a one-time resolution of debts, while the domestic plan offers more flexibility and options for creditors [14].