CFLD(600340) 证券时报网·2024-10-21 16:59Core Viewpoint - The company, Huaxia Happiness, is introducing a new "Replacement Belt Plan" as part of its debt restructuring efforts, aiming to transfer part of its financial debts to state-owned enterprises in Langfang, with an estimated debt scale of around 20 billion yuan [1][2]. Debt Restructuring Plan - The "Replacement Belt Plan" is designed to allow financial creditors to voluntarily participate, with the condition that they provide new financing to the state-owned enterprises in Langfang [1][2]. - The plan aims to enhance the repayment capacity for participating creditors by transferring debts to more capable state-owned enterprises, while also reducing the overall debt amount for non-participating creditors [1][2]. Financial Details - The estimated debt scale for the implementation of the Replacement Belt is approximately 20 billion yuan, with the corresponding replacement assets mainly including accounts receivable and fixed assets held by project companies [2]. - Participating creditors must meet four conditions for new financing: the amount must equal the debt balance, the financing term is set for 8 years, the interest rate must not exceed 3.85%, and the financing details must be confirmed with Huaxia Happiness [2]. Selection Process - The selection of creditors for participation will be conducted by the state-owned enterprises in Langfang, which will issue a notice for the selection process [2]. - All financial creditors have the right to participate, regardless of whether they have signed the debt restructuring agreement, ensuring equal opportunity [2]. Historical Context - Since the announcement of its debt restructuring plan on October 8, 2021, Huaxia Happiness has made progress in restructuring approximately 219.2 billion yuan of financial debt, with a total of about 190.03 billion yuan restructured by September 30, 2024 [3]. - The company has accumulated unpaid debts totaling approximately 24.47 billion yuan, indicating ongoing challenges in its financial recovery efforts [3].