After struggling for half a year, Blu ray still broke the contract. In the past, Taihe and Huaxia happiness have exploded one after another, but now the “Sichuan first brother” Blu ray has begun to fail.
Inability to pay due debts
On July 12, Blu ray announced that the medium-term note “19 Blu ray mtn001” due on July 11 failed to pay the principal and interest as agreed, which constituted a substantial breach of contract.
On July 13, Blu ray admitted in the announcement that the newly increased amount of principal and interest of debts due and unpaid recently reached 2.06 billion yuan, including bank loans, trust loans, debt financing instruments, etc., including about 970 million yuan of principal and interest of “19 Blu ray mtn001”.
At present, the accumulated principal and interest of Blu Ray’s debt due and unpaid has reached 4.5 billion yuan. According to the recent announcement, the balance of Blu Ray’s monetary capital is 11.016 billion yuan, and the freely available capital is only 200 million yuan.
The total balance of existing bonds in the duration of Blu ray was 11.434 billion yuan, involving 15 bonds. In July, Blu ray will continue to face the pressure of maturity and resale of “20 Blu ray cp001” and “19 Blu ray 02”, with a total bond balance of 1.8 billion yuan.
This wave of default has led to the downgrade of Blu Ray’s main credit rating by domestic and foreign rating agencies, including Moody’s, standard & Poor’s, Dagong international, Zhongcheng and Dongfang Jincheng. Among them, S & P lowered Blu Ray’s credit rating to D. according to Blu Ray’s lending situation and liquidity, S & P expected Blu ray to default in full, and even lead to cross default of the remaining bonds.
As of the first quarter of this year, the total liabilities of Blu ray development reached 219.423 billion, and the asset liability ratio reached 82.35%. Among them, the current liability ratio was 171.688 billion, and the long-term liabilities was 31.702 billion. The debt pressure was huge. If we consider the 1.286 billion perpetual bonds, it is estimated that the above financial indicators will be very ugly after recalculation.