On December 9, 2016, China Steel Group and 6 financial Bank of China (601988, buy), led banks of 6 financial creditor committees signed a debt restructuring framework agreement in Beijing. Meng Jianmin, member of the Party Committee and deputy director of the State-owned Assets Supervision and Administration Commission, Chen Siqing, President of the Bank of China, Xu Kunlin, Deputy Secretary-General of the National Development and Reform Commission, and Zhang Jinsong, Deputy Director of the Legal Affairs Department of the China Banking Regulatory Commission, attended the signing meeting.
In recent years, with the joint support of all parties, China Steel Group has been problem-oriented and strengthened its operation and management through "internal surgery" such as internal business integration, diversion of redundant personnel, and optimization of systems and mechanisms. It has improved the capital structure of by divesting loss-making industries, promoting debt restructuring, necessary state capital injections, and introducing strategic investors. The signing of the debt restructuring framework agreement marks the official implementation of China Steel Group's financial debt restructuring plan. At present, China Steel Group's production and operation have gradually improved, and it has turned losses into profits. It is expected that the total annual profit will be RMB 200 million, and its operating profit will reach RMB 800 million in 2017.
Deputy Director Meng Jianmin delivered a speech on behalf of the State-owned Assets Supervision and Administration Commission of the State Council. He first expressed his congratulations to the banks and enterprises that signed the framework agreement, and expressed his gratitude to the China Banking Regulatory Commission, the Development and Reform Commission, the intermediary agencies and other relevant parties who gave strong support and guidance to enterprises in debt restructuring. Deputy Director Meng Jianmin pointed out that the financial debt restructuring of China Steel Group is a major achievement of the State-owned Assets Supervision and Administration Commission's resolute implementation of the decisions and deployments of the CPC Central Committee and the State Council, and solidly promoting the supply-side structural reform of . As the first case of the overall implementation of debt restructuring by central enterprises after the issuance of the "Opinions of the State Council on Actively and Steadily Reducing Enterprise Leverage Ratio" (Guofa [2016] No. 54) in September this year, the financial debt restructuring of China Steel Group is in line with the principle of "marketization and rule of law", fully considers the future development role and capabilities of China Steel Group, balances the interests of shareholders and creditors, and jointly effectively preserves the debt rights of corporate assets and financial institutions, resolves the corporate debt crisis, recovers losses as much as possible, and achieves the "win-win" goal, which is of great significance to market-oriented debt-to-equity conversion.
Deputy Director Meng Jianmin emphasized that in the next step, China Steel Group will further increase the intensity of reform and adjustment in accordance with the overall deployment of the Party Central Committee and the State Council on supply-side structural reform, improve the level of basic management, and realize business transformation and upgrading ( Aiji , Net Value , Information ), enhance the confidence of all parties, and effectively safeguard the rights and interests of creditors. It also hopes that financial institutions and relevant departments will continue to support China Steel Group's transformation and development, realize the rebirth of enterprises and the preservation and appreciation of state-owned assets.
Responsible person of the Financial Supervision Bureau of the State-owned Assets Supervision and Administration Commission, the main person in charge of China Steel Group, and the relevant leaders of the debt committee took the lead in the event.
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