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News Center Records Progressive Perceived Development Pulse

Sinosteel's financial debt restructuring framework agreement was successfully signed

Article source: SASAC website

On December 9, 2016, Sinosteel Group and six leading financial creditor committees including Bank of China signed a debt restructuring framework agreement in Beijing. Members of the SASAC Party Committee, Deputy Director Meng Jianmin, Bank of China President Chen Siqing, Deputy Secretary-General of the National Development and Reform Commission Xu Kunlin, and Deputy Director of the CBRC Regulation Department Zhang Jinsong attended the signing conference.

In recent years, with the joint support of all parties, Sinosteel Group has strengthened its operation and management through "internal medical operations" such as internal business integration, diversion of redundant personnel, and optimization of institutional mechanisms with the joint support of all parties. Necessary capital injection and introduction of "surgical operations" such as strategic investors to improve capital structure. The signing of the debt restructuring framework agreement marks the formal implementation of Sinosteel's financial debt restructuring plan. At present, Sinosteel Group's production and operation have gradually improved, and it has turned losses into profits. It is estimated that the total annual profit will be 200 million yuan, and the operating profit in 2017 will reach more than 800 million yuan.

Deputy Director Meng Jianmin delivered a speech on behalf of the SASAC of the State Council. He first congratulated the banks and enterprises that signed the framework agreement, and thanked the CBRC, NDRC, intermediary agencies and other relevant parties for their strong support and guidance in debt restructuring. Deputy Director Meng Jianmin pointed out that the financial debt restructuring of Sinosteel Group is a major achievement of the SASAC's resolute implementation of the decision-making and deployment of the Party Central Committee and the State Council, and the solid progress of supply-side structural reforms. As the first instance of the State Council's overall debt restructuring after the issuance of the State Council's Opinion on Actively and Reliably Reducing Corporate Leverage in September this year (Guofa ﹝ 2016 ﹝ 54), Sinosteel's financial debt restructuring is in line with "marketization, the rule of law" The principle of "simplification" fully considers Sinosteel's future development role and capabilities, balances the interests of shareholders and creditors, and effectively protects corporate assets and financial institutions' claims, which resolves the corporate debt crisis and maximizes the possibility of recovering losses and achieving the "win-win" goal. It is of great significance for market-oriented debt-to-equity swaps.

Deputy Director Meng Jianmin emphasized that in the next step, Sinosteel Group will further strengthen the reform and adjustment in accordance with the overall arrangements of the Party Central Committee and the State Council for supply-side structural reforms, improve the basic management level, realize business transformation and upgrade, enhance the confidence of all parties, and effectively maintain Creditors' rights and interests also hope that financial institutions and relevant departments will continue to support Sinosteel's transformation and development, and realize the rebirth of enterprises and the preservation and appreciation of state-owned assets.

The responsible comrades of the Financial Supervision Bureau of the SASAC, the principals of Sinosteel Group, and the leaders of the Debt Committee took part in the event.


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