Lin Yilong did not stay in a hotel when he arrived in Yanjing, but spent the night at Xu Zhenkun's house. The two went to the Internet café downstairs of Xu Zhenkun's house at night and relived the feeling when they played "Delta" in the Internet café when they were children - although, the game between the two became a way to survive.

The next day, Lin Yilong got a very cheap suit and went to the bank where Xu Zhenkun worked.

"This is Mr. Lin, an external expert consultant I hired. Xu Zhenkun introduced Lin Yilong to his two assistants, "Because this negotiation is very important, we must have an external expert opinion for reference." ”

Xu Zhenkun's two assistants shook hands with Lin Yilong respectively, although this suit made the two of them complain slightly, but Lin Yilong is still a lawyer "appointed" by his boss after all. The four of them sat in the conference room and waited for two minutes.

Subsequently, the second generation of coal who snatched his girlfriend from Xu Zhenkun appeared, followed by a man and a woman at the same time.

Several people then introduced each other's names and job titles and sat on opposite sides of the table.

The outstanding bonds that can be listed on the stock exchange are mixed. Because corporate bonds cannot be rigidly redeemed, there are still risks. Limited by the circumstances at the time of issuance and trading, it is natural that investors make and lose money. But even if the credit rating falls to junk level, even if there is a high probability that the principal will not be repaid at maturity, it will still be profitable in the eyes of some people. For example, the par value of the two corporate bonds issued by the company similar to the one Xu Zhenkun bought is 100 yuan: since coal mining and refining have begun to slump, individual investors and institutional investors have chosen to sell their bonds, and the price of the bonds has been pulled to a very low level by various sell-offs, even lower than the market value of the collateral guaranteed. When the interest may be overdue, the debtor is of course worried about his collateral, and the creditor is more concerned about whether the claim can be fulfilled on time, so it makes sense for the two to have a face-to-face meeting.

"When the enemy meets, the eyes are red" probably refers to the current situation at the negotiation table: the faces of the chief negotiators on both sides are not very good, after all, the two are already old acquaintances.

Xu Zhenkun looked at Lin Yilong, who was sitting at the end of his side.

"The investment banking department of our Huayan Bank has taken possession of a total of 6,53,504 shares of 15 Wude Investment issued by your Inner Mongolia Ude Co., Ltd., with a face value of 650,350,040 yuan....... Lin Yilong naturally noticed his friend's gaze and read aloud the specific situation contained in the report according to the script, "According to the principle of quarterly interest payment, as of July 4, 2012, the interest payable by your company for the current period is 11.2 million ....."

"Please don't read it aloud, the report on our desk is very complete. The assistant of the "second generation of coal" finally spoke, "In our current situation, there is no way to fulfill the interest items listed in the bonds to you the day after tomorrow, that is, July 4, and we hope to negotiate with you in good faith for this purpose." ”

"Allow me to read it all. Lin Yilong retorted, "In the investigation after I was entrusted, I found that 32 of the 38 mortgages of the secured real estate provided by you have been set up with a second mortgage, and the mortgagee is Yanjing Lites Financial Investment Company. ”

Hearing that the bonds purchased by his company were re-mortgaged, Xu Zhenkun's two assistants' faces became serious, and the business smile at the beginning could no longer be hung up.

"Taking this as a starting point, our bank believes that your company has not only been unable to fulfill the obligation to pay the debt interest listed in the bond in the current period, but also failed to fulfill the main payment obligation during the bond acceptance period. We hope you can give us an explanation of this problem. Lin Yilong finished reading the report in front of him and leaned back in his chair.

The security interest of corporate bonds is completely metaphysical, because although the company has such a creditor manager (called the creditor trustee after 2015) when the company issues debts, the very embarrassing reality is that this creditor manager is hired by the issuer of the corporate bonds, and a large part of it needs to rely on the will of the corporate bond issuer, that is, the creditor; – especially public bonds. If the debtor company wants to refinance the loan and secure the mortgage on the payment of the secured bonds, the administrator can only say "yes". Therefore, often in the end, once the corporate bond cannot be paid, the holder of the company's public bond will not get anything.

This is one of the reasons why, in addition to corporate lawyers and permanent legal counsel, many financial institutions still need a lot of external resources to participate in corporate legal and investigative matters.

It is another matter for an investment bank like Huayan Bank, or a private managed fund like a similar private equity to enter the market. Some may be through the creditor administrator to grasp the company's operating conditions, inject capital and make profits, and some may just be for profit in the bankruptcy process. If it is the latter, as long as it enters the game, it is almost a dead end for the bond issuing company.

"Then we can only declare the company bankrupt. The assistant next to the "second generation of coal" came up with such a brainless oppressive negotiation plan, which has been tried and tested in various house dance negotiations, and can only hope that this pressure will save the company.

"Please. Lin Yilong took over the conversation next to him, "I would like to remind your company that according to the results of our bank's investigation, our bank will get limited repayment when the mortgage of your company is driven, and at the closing price of your company's bonds on Friday night, although our bank cannot get all the par amount of the bonds, your company still has no loss when the debt to our bank is settled." ”

The assistant of the "second generation of coal" did not answer with a blank face.

"I want to talk to Mr. Xu alone, can you give us some time?" said the "second generation of coal" suddenly said in a low voice.

"Yes. Xu Zhenkun nodded expressionlessly, and the personnel on both sides except Lin Yilong left.

The "second generation of coal" looked at Lin Yilong, who remained in the room, and wondered why the lawyer did not leave.

"Don't look at it, this lawyer Lin is my good friend, and he is also the investigator who investigated you from the outside to the inside to the bone marrow. Xu Zhenkun's deep voice attracted the attention of the "second generation of coal", "You pry my girlfriend, I destroy your ancestral business, this matter is as simple as that." ”

"Don't think this is the end of it!" "Coal II" shouted, even the members waiting outside the hallway could be heard.

"Of course, it's not over. Lin Yilong said beside him, then took out a piece of printed paper and threw it in front of the "second generation of coal", "I think you must know very well what this is!"

The "second generation of coal" took it, and it was printed with the information of three accounts and two Australian addresses, and his face changed color at once. This was the retreat that his father had arranged for him.

"XN, nice place. Lin Yilong commented very lightly, "But New South Wales is still not as good as South Wales." ”

"Don't deceive too much!"

"Needless to say, if you go bankrupt, you don't have to go to these places. Xu Zhenkun said, "However, if I were you, I wouldn't pay so much attention to these useless things outside the body." This lawyer Lin has done a little research, and you should understand what kind of goods you are doing for secondary financing. ”