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超日太陽董事長回國 海外催債無收穫

http://www.yicai.com/news/2013/01/2389119.html

無錫尚德50億港幣債無左?!

1 : GS(14)@2012-08-02 23:41:42

http://www.sec.gov/Archives/edga ... 2-17252_1ex99d1.htm
In May 2010, Suntech guaranteed payment obligations related to finance facilities provided to an investee company of GSF in the amount of approximately €554.2 million. As security for the Company’s obligations under the guarantee, Suntech received a pledge of German government bonds (the “Bonds”) in the amount of €560.0 million from GSF Capital Pte Ltd., a third-party investor of GSF. The Company’s investment in GSF is discussed in the Company’s 2011 Annual Report on Form 20-F, including on pages 98 to 99 and F-29 to F-30. As part of Suntech’s initiative to monetize its investment in GSF, the Company engaged outside counsel to review and assist the process. As a result of these efforts, the Company’s outside counsel recently noted certain facts and circumstances suggesting that the Bonds may not have existed and Suntech may have been a victim of fraud.

Dr. Zhengrong Shi, Suntech’s chairman and CEO said, “We are very disappointed that this has occurred and it has the highest level of attention from the Company and the board, including the Audit Committee. There is no indication that management had any involvement, and we are vigorously pursuing all avenues to resolve this matter and ensure that we protect the interests of our shareholders.”

“While we continue to investigate and take actions to resolve this matter, Suntech’s daily operations will not be impacted. It’s business as usual and we remain focused on supplying the market with excellent solar products,” added Dr. Shi.

The Company pointed out that the findings thus far are not conclusive and that Suntech is continuing to investigate this matter. The Company has filed claims against relevant parties in multiple jurisdictions to assert control of GSF and its assets, and protect the interests of Suntech’s shareholders. To the best of the Company’s knowledge, payments of all scheduled obligations under such finance facilities remain current.

Suntech is currently assessing the potential impact of the suspected fraud on its consolidated financial statements. The Company noted that it may delay its earnings announcement for the second quarter of 2012 until it completes the investigation and financial assessment. However, the Company plans to publish key operating metrics in the week beginning the 20th of August, 2012 and to inform investors of any material developments in a timely manner.

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2 : GS(14)@2012-08-02 23:42:15

http://www.bloomberg.com/news/20 ... t-analysts-say.html
Capital Deficit

Suntech is operating with a “significant working capital deficit,” according to its 2011 annual report filed in April. The Wuxi, China-based company’s deficit, representing its total current liabilities less its total assets, was $523 million at the end of last year, and it said it needed “additional funding to sustain our business as a going concern.”

The company’s total short-term debt at the end of last year was $1.6 billion and its long-term debt was $149 million, according to the report. Its principal on convertible notes due next year was $541 million.

“We think the company will never be able to repay its debt, and we have consistently called the company a poor steward of investor capital,” Jesse Pichel, an analyst with Jefferies Group Inc. in New York, said today in an e-mail. “We have recommended that investors sell the stock for over a year and never had a buy.”

Of 28 analysts covering Suntech, 18 rate it a sell and 10 rate it a hold, according to data compiled by Bloomberg. It was last rated a buy on May 31.

Suntech discovered financial irregularities as it was seeking to sell its 80 percent stake in Global Solar Fund S.C.A. Sicar, which is managed by a former sales representative, Javier Romero.

Suntech guaranteed a 554.2 million-euro loan in 2010 from state-owned lender China Development Bank Corp. to a GSF backer, with the German bonds pledged as collateral. Those bonds may have never existed, Suntech said yesterday, and the planned sale is on hold.
‘Weak’ Diligence

“I wouldn’t condemn Suntech management here but it looks like their due diligence with GSF was weak,” said Pavel Molchanov, an analyst at Raymond James & Associates in Houston. “It would be exceedingly difficult to sell more shares in the U.S. and would be at a significant discount to their current price. Most likely they will get a bridge loan from the CDB or another lender.”

Chairman Shi Zhengrong defended today the decision to funnel business in Europe through GSF. The affiliate “got better returns from developing downstream years ago when tariffs were higher,” Shi said in an interview.

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3 : GS(14)@2012-08-02 23:42:30

http://thehousenews.com/finance/ ... %E5%A4%B1%E8%B9%A4/
尚德將有關疑似欺詐事件，歸咎於公司一名前銷售代表Javier Romero。該批抵押品的消失，將可能令債務纏身的尚德更加捉襟見肘。公司需要於明年償還到期的5.4億美元債務。管理層表示，正進行調查，並延遲了第二季業績的公布。

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4 : GS(14)@2012-08-02 23:43:11

http://www.nytimes.com/2012/07/3 ... dit_dlbkam_20120731
The potential fraud, which the company blamed on a former sales agent for the company, Javier Romero, could stretch Suntech’s already-strained finances to the breaking point. The company already must repay about $540 million in debt next year, and if it had to make good on all of the loan guarantees, it would owe nearly $680 million more.

Executives said that they were investigating and that they might delay reporting the company’s second-quarter earnings.

“This has the highest level of attention from the company and the board,” Dr. Zhengrong Shi, Suntech’s chief executive, told investors on a conference call. “We are vigorously pursuing all avenues to resolve this matter.”

The announcement sent Suntech’s shares tumbling by almost 15 percent to $1.34 in New York trading on Monday.

In May, Suntech announced a first-quarter loss amid a sharp decline in panel shipments and the added costs from the first round of tariffs imposed by the United States Commerce Department. In two separate cases, the department determined that major Chinese manufacturers of solar cells benefited from unfair subsidies by the Chinese government and have been selling their products below cost.

On Monday, Trina Solar, another major Chinese manufacturer, said its shipments for the second quarter would be about 20 percent lower than expected. And this month, the city of Xinyu said it would pay the debt of LDK Solar, a manufacturer based there that has also been reeling from losses.

But Suntech’s situation may be worse than the other major manufacturers, analysts said, because of its high debt, which they put at about $2.3 billion.

“If this was an American company, there is little doubt in my mind that it would be the next Solyndra — in other words, just a bankruptcy waiting to happen,” said Pavel Molchanov, an analyst at Raymond James.

But Mr. Molchanov and other analysts said that because Suntech has long been one of the largest solar manufacturers in China, with a strong standing in the industry, state-owned lenders in China were likely to continue supporting it.

The potential fraud stems from Suntech’s involvement in the Global Solar Fund, a European company that invests in companies that own and develop solar farms, said David King, Suntech’s chief financial officer. Between 2009 and 2011, the fund sold $346.8 million worth of Suntech panels through affiliates in Spain and Italy, according to a filing earlier this year.

Suntech is the main investor in the fund, with an 80 percent stake. Dr. Shi has 10 percent and Mr. Romero has the other 10 percent through an entity called GSF Capital.

Seeking to develop projects after the credit crisis, the fund turned in 2009 to the state-owned China Development Bank, Mr. King said. The lender required a local guarantor with assets in China in order to make loans. As a result, Suntech agreed to backstop a credit line from the bank to a company called Solar Puglia, and in turn secured collateral of its own in the form of German government bonds from Mr. Romero’s entity.

The company said it now believes those bonds may be fictitious.

Suntech executives said outside advisers they hired to help them sell Global Solar Fund assets to raise cash found indications that the bonds never existed. The company has filed lawsuits to gain control of the fund and its assets.

The plans to sell the fund’s assets are temporarily delayed, Mr. King said, and the company is pursuing other credit sources and issuing bonds in China to help raise money.

Analysts said the very lending that has helped China dominate the global panel market so rapidly is creating some of the problems Suntech now faces.

“Bottomless access to bank debt really allowed the Chinese companies to continue to sell at losses and have poor profit-and-loss income statements in order to gain market share,” said Adam Krop, an analyst at Ardour Capital. “Unfortunately that’s not working out for them right now.”

Before the most recent events, Suntech had been seeking to raise as much as $750 million from American investors. But Mr. Krop said it would be difficult for Suntech to raise money in the United States because investors had been “burned for too long by these names.”

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5 : 鉛筆小生(8153)@2012-08-02 23:54:07

嘩

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6 : GS(14)@2012-08-02 23:54:50

卸鑊

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7 : GS(14)@2012-08-04 14:44:33

http://www.21cbh.com/HTML/2012-7-31/zMNDA2XzQ4NzgzMQ.html


GSF擔保騙局正在發酵，美國時間7月30日，尚德股價大幅下挫0.23美元，下跌14.65%。

7月30日，尚德發佈公告稱對公司投資的環球太陽能基金管理公司（GSF Partner）相關方提供的反擔保展開調查，初步發現該筆總額達5.6億歐元（約合43.587億元人民幣）的反擔保可能存在瑕疵。

而在7月30日晚間的電話會議中，尚德稱其最近檢視了與環球太陽能基金管理公司有關的原始文件，發現其相關方提供給尚德的「原始文件可能存在偽造的情況，而用於反擔保的德國政府債券可能不存在」。

一位購買了尚德債券的瑞士投資機構內部人士告訴記者，GSF對於尚德的最大意義在於，該股權轉讓獲得的現金流可以支付尚德在明年3月即將到期的海外債券。

也有分析師稱，尚德手中GSF股權是否可以轉讓，事實上與被擔保被騙無關，而主要依賴歐洲市場的回暖。

尚德須兜底

i美股一位分析師告訴記者，根據尚德披露的信息來看，尚德對於GSF在意大利電站投資的145MW電站項目需要兜底到底。而尚德可能存在風險在於，按照慣例，一個電站在建設過程中，作為建設方只需要承擔20%-30%的建設費用，其餘基金皆來自銀行借款。在該意大利電站的建設過程中，其有一部分資金即來自於國開行的貸款。

在一般情況下，如果電站建成後可以順利出售，拿到現金，則可以償還貸款，不存在任何風險。

在GSF成立的初期，即2009年到2010年期間，是歐洲電站建設的黃金時期，這個時期歐洲各國對於太陽能發電的補貼很大，在歐洲建電站的收益高達15%，所以電站的出售情況非常良好。

但從今年開始，歐洲各國皆下調對太陽能的補貼，導致電站建成後很難出售，找不到買家。但建設電站所借的銀行貸款還需要如期償還。這便是GSF目前面臨的最大的風險。

而根據尚德所披露的數據，該GSF意大利電站項目的國開行貸款數額為5.54億歐元，其擔保方為尚德。那麼當這筆貸款到期，而電站仍然沒有出售的情況下，就需要由尚德來承擔這筆貸款。

尚德年報顯示，2011年的年報中還稱，GSF的任何還款失敗或違約事件都可能會導致尚德為其履行還款義務，並對尚德的財務狀況和經營業績以及前景構成重大的不利影響。

而當GSF Capital的反擔保存在時，尚德即可以拿反擔保的5.6億歐元德國政府債券來支付這筆貸款，而當反擔保被證明為無效時，那麼尚德就要100%自掏腰包來填補這個窟窿。

所以，尚德是否需要承擔這筆擔保的損失，取決於該145MW電站的銷售情況，和其銀行貸款的期限。

弘亞世代分析師張虹告訴記者，該145MW電站的開工日期在2009年，目前為止還沒有全部竣工。

而上述分析師也告訴記者，事實上目前歐洲的光伏市場現狀對尚德來說並不有利。歐洲各國都在下調新能源補貼，電站收益不高，對於尚德來說電站的潛在買家越來越少。

而與此同時，尚德在2009年開工建設該電站時的組件價格還很高，在目前組件價格下跌嚴重的情況下，要以當初的成本價出售電站更是難上加難。

而根據尚德7月30日公佈的公告顯示，尚德是在考慮出售GSF股權時，發現其擔保存在瑕疵。那麼尚德寄希望於出售GSF股權來換取現金流的目的也已經非常明顯。

上述購買了尚德債券的瑞士投資機構內部人士告訴記者，尚德急於套現的目的，是其一筆海外債務將在

明年3月到期，為了償還該債務，尚德目前正在極力尋找現金來源。而GSF股權的轉讓被認為是非常重要的現金來源。如今GSF項目出現擔保騙局，該投資人擔心會危及尚德的股權轉讓行為。

但上述i美股分析師告訴記者，GSF股權是否可以順利擔保的瑕疵並不起到任何作用。

該分析師告訴記者，由於該電站項目的貸款，是由尚德完全托底，那麼GSF電站項目不管遇到何種風險，都是由尚德來為其償還貸款。至於尚德是否可以從反擔保處獲得補償，那只是尚德公司的事情，和電站運營方無關。

另一個關鍵的因素是，GSF的購買者看重的是歐洲電站未來的前景。如果歐洲電站建設前景不好，那麼GSF在將手上電站全部出售後就不會再建新項目，對於投資者來說也就沒有投資的意義。只有在歐洲電站項目有利可圖的情況下，投資者才會考慮投資其股權。

急於轉讓GSF

在過去的幾年裡，GSF存在的最大貢獻，就是為尚德的財報錦上添花，貢獻了一部分利潤，而事實上，這些都屬於賬面價值，尚德從GSF身上獲得的真金白銀卻很少，其現金貢獻主要來自於關聯交易。

按照美國GAAP會計準則，GSF屬於投資公司，而尚德以股權方式投資GSF，所以在尚德的財報中，需要將GSF公允價值的變化計入報表，而GSF的價值需按照其投資項目的估值進行相應的再估值。也就是說，GSF的價值最終體現在每一個投資項目上。

上述i美股分析師告訴記者，GSF對尚德的貢獻有兩方面。第一方面是GSF公允價值，其中，未建完的電站按照賬面價值計入，建成的電站按照估價計入，最後按照尚德所持股份直接計入損益。而另外一部分則是來自於關聯交易，即GSF的電站建設使用的都是尚德提供的組件。

記者從尚德公佈的2011年年報找到一組數據，其顯示2011年，GSF對尚德的關聯交易貢獻為3360萬美元，佔尚德總收入的1.1%。該數字相比前兩年有明顯下滑，2010年，GSF關聯交易收入為1.97億美元，而2009年則為1.16億美元。而同時，2011年與GSF關聯交易的應收賬款為1950萬美元。

上述i美股分析師告訴記者，GSF的運營模式為，建電站後取得的收益，再繼續投入新的電站的建設，使得尚德的資產一直在增長，累計收益轉化為股權價值也一直在增長，卻沒有現金收入。

所以，前幾年GSF確實給尚德貢獻了很多的賬面收益，如果尚德將其出售，則尚德財報將出現利潤減少。

而事實上，尚德的年報顯示，其一直在尋求將GSF的股權轉讓。

截至2011年12月31日，尚德已在GSF項目中投入1.56億美元，另有9440萬美元的資金拆解承諾。在2011年11月，尚德將所持的GSF6.7%股權，合計2000股，約1220萬歐元的作價轉移給了Mr。 Romero——其為GSF Capital的實際控制人。

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8 : greatsoup38(830)@2012-08-04 14:47:16

http://www.21cbh.com/HTML/2012-8-3/1MNDE3XzQ5MDM1MQ.html


環球太陽能基金管理公司（Global Solar Fund，簡稱GSF）反擔保涉嫌欺詐一事（見本報7月31日《尚德海外基金現「瑕疵」 連環擔保涉嫌造假》），再度將深陷光伏危機的無錫尚德推到風口浪尖。

這不僅涉及到國開行為GSF意大利項目融資提供的5.542億歐元信用貸款的安全性（無錫尚德是擔保方），也涉及即將於2013年3月底到期的高達5.75億美元尚德電力可轉債的償付問題。

尚德电力

此番浮出水面的GSF於2008年2月成立於盧森堡，為尚德電力和其掌門人施正榮本人發起設立，旨在以太陽能項目非上市公司為投資目標的投資基金。曾被譽為施正榮「化腐朽為神奇」之筆，在2010年困難時期曾為尚德貢獻過高達1.77億美金的收入，成為尚德近兩年財務表現的關鍵因素，也一度被管理層視為2013年可轉債償付的重要保障。

如今，尚德電力這筆2008年6月份發行的總額高達5.75億美元的可轉換優先票據（Convertible Senior Notes），將不得不面對突如其來的變故。

「可轉債已經跌到45美分，年化收益率飆升到159%，是不折不扣的垃圾債了。」8月2日，一位債權銀行人士告訴記者，他們此前就已注意到可轉債償付壓力。

7月31日分析師電話會議上，尚德電力管理層也不得不承認，公司將提供一個全新的計划來應對2013年到期的可轉換債券償付問題。

「首先，我們正在與銀行合作夥伴討論一個可能的信貸安排，將為我們提供額外的資本；其次，我們也積極尋求在中國發行債券。我們仍然有信心，在未來幾個月內能解決可轉換債券問題。」尚德管理層表示。

8月2日，知情人士向本報記者透露，繼江西賽維、英利之後，無錫尚德已於數月前向銀行間交易商協會提交了中期票據發行申報材料，且已經與發債銀行、評級公司有過初步接觸。

但他透露，「目前情形下，最近不可能有光伏企業獲得註冊發債額度，整個交易商協會、承銷商銀行都對這個行業非常謹慎。」

尚德电力

5.75億美元可轉債始末

從2005年成功登陸紐交所，一口氣募集4億美元之時起，尚德電力就打開了海外融資的一道窗口。隨後在2007年2月和2008年2月通過發行可轉換優先票據等形式獲得了近10億美元的融資支持，上述這筆2013年1季度即將到期的可轉債便位列其中。當時，高盛擔任了該次發行的獨家全球協調人、獨家結算代理人和聯繫賬簿管理人。

海外融資為尚德境外收購企業提供了大量的融資支持。2006年8月，尚德收購了日本最大光伏製造企業之一的MSK公司；2008年4月，尚德又收購了德國大型機械廠商庫特勒公司。

發行文件顯示，這筆5.75億美元的可轉換票據，發行利率為3%。一年後，國際金融危機突然爆發，使得光伏行業陷入谷底，此筆可轉債收益率一度飆升至18.2%。公開消息還顯示，管理亞洲17億美元不良資產的Clearwater Distressed Fund曾大量買入當時價格已大幅下跌的尚德可轉債。

「發行時風險就很高，當時已經被歸為垃圾債。」8月2日，一位海外債權人如是告訴記者。

目前，這筆可轉債的成交價格僅為45美分，年化收益率飆升至159%。2013年3月可轉債到期後，擺在債權人面前的有幾條路，要麼選擇債轉股，要麼選擇變現。

「只有股票價格高於原先可轉債設定的轉股價格時，投資人才會選擇轉換為股票。」上述投資人告訴記者，但目前如此低迷的股價，只能讓投資人避而遠之。

8月1日，尚德電力美股成交價格為1.01美元/股，較前一交易日下跌10.62%，如此低的股價很難想像其一度達到80美元/股的輝煌。

據上述債權人介紹，一旦破產清算，債務償付優先次序應該為銀行貸款、一般債務、優先股、普通股。不同於多有抵押物的銀行信貸，可轉債在國外發行，所有廠房設備等可作抵押之物基本是在國內進行產權登記，其債務優先次序要低於銀行貸款，但高於普通股。

「如果尚德無法償付這5.75億美元可轉債，債權人只能選擇轉換為股權。」上述債權人告訴記者，國外通常的做法是，債券持有人會共同尋找一家信託，委託其進行相關債券處置安排。

中票恐難成行

8月1日，一家名為Maxim Group的投行給予尚德電力股價「賣出」評級，並將目標價由0.5美元下調至0美元，其認為，面對自有現金流為負的局面，尚德將很難有足夠的現金償還債款。

海外融資受阻，轉戰國內資本市場將是中國光伏巨頭們的不二選擇。但瞬息萬變的金融市場，也加大了尚德在國內債市融資的阻力。

7月31日，繼將江西賽維主體信用評級由AA下調至A+，評級展望為負面後，上海新世紀資信評估公司再次將另一家光伏企業——保定天威英利新能源有限公司（下稱天威英利）主體評級展望調整為「負面」。

天威英利曾於2010年和2011年分別發行過10億和14億元的中票，同樣遭遇了賽維、尚德遇到的問題：2011年經營虧損，現金回籠能力下降，流動性風險增大；同時，剛性債務餘額增加，負債經營程度提高，面臨一定的債務集中償付壓力。

尚德2012年一季報顯示，公司總資產為43.79億美元，總負債為35.75億美元，資產負債率82%。而在報告期內公司虧損達3.53億美元，此前的2011年，尚德全年虧損10.067億美元。如此背景下，其國內發債的前景，也要打上一個問號。

對於交易商協會而言說，註冊發行信息披露的質量是很重要的，上述知情人士透露，「光伏行業目前已經算是特殊行業，協會也會本著對投資人負責的角度，審慎考慮。」

「退一步講，即便拿到註冊額度，但誰來發行，誰來買？這是個問題。」一家國有大行投行部人士坦言，金融市場是嫌貧愛富的，投資人一是要保證安全，二是要回報，現在的光伏行業不能滿足這些條件，很有可能都沒有主承銷願意做，商業銀行會很謹慎。

對於債權銀行而言，過去三年在新能源信貸領域的狂飆突進，已讓銀行陷入左右為難之境；一方面，隨著企業債務風險越來越集中爆發，銀行對光伏行業退而卻步，多家國有銀行人士向本報記者表示，目前銀行已經停止向尚德、賽維等企業新增貸款；另一方面，如果債權銀行此時「抽貸」、「壓貸」，一旦企業破產，銀行也將成為受害者。

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