The 91.74 million debts of the subsidiary of "Quwen Holdings" are overdue, triggering the cross-default protection clause of bondsThe debt of Mipihu Company, a subsidiary of Quwen Holdings, is overdue, and the cross-default protection clause has been triggered.

The 91.74 million debts of the subsidiary of "Quwen Holdings" were overdue, triggering the cross-default protection clause of the bonds

Quwen Holdings' subsidiary, Mipihu Company, has overdue debts, which has triggered a cross-default protection clause. The company has been established for a relatively short time, the project is still in the development and construction stage, and there have been adverse changes in external financing policies, resulting in a shortage of funds. The amount of external guarantee of Qu Wenkong was 9.221 billion yuan, accounting for 29.98% of the net assets at the end of the same period. As of the end of the third quarter of 2023, Quwen Holdings' total assets were 205.156 billion yuan, total liabilities were 175.671 billion yuan, net assets were 29.485 billion yuan, the company's asset-liability ratio was 85.63%, and the interest-bearing debt ratio was 49%. The company mainly focuses on current liabilities, which account for 70% of total liabilities and long-term interest-bearing liabilities account for 30% of total liabilities. Quwenkong's accounts receivable and other receivables have grown rapidly, and the inventory scale is 47.515 billion yuan, so it is necessary to pay attention to its follow-up refinancing.