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Announcement:

Moody's: Delays in Winsway's restructuring plan are credit negative

 The document has been translated in other languages

24 Jun 2015

Hong Kong, June 24, 2015 -- Moody's Investors Service says that the third extension of Winsway Enterprises Holdings Limited's negotiations with bondholders and investors on fund-raising and debt restructuring is credit negative for the company, but such issues have been factored into its Caa3 corporate family rating and Ca senior unsecured rating.

The ratings outlook is negative.

On 22 June 2015, Winsway announced a third extension of its Standstill Agreement with bondholders to 20 July 2015, after previous extensions on 31 May 2015 and 15 June 2015.

The Standstill Agreement originally came into place on 8 May 2015, when Winsway defaulted on an interest payment of $13.15 million on its 2016 senior notes after a 30-day grace period.

In the same announcement, Winsway disclosed that negotiations with potential investors and bondholders are ongoing, but those with some investors had ceased.

"This prolonged uncertainty over Winsway's debt restructuring plans is credit negative as it will delay the execution of changes to its business model", says Dylan Yeo, a Moody's Analyst.

To turn around its loss-making operations, Winsway plans to focus on the logistics business and provide integrated supply-chain solutions for its bulk commodities trading business, and reduce its exposure to the highly volatile coal trading business through divesting its coal mining operations.

However, the ongoing default limits access to liquidity for working capital and Winsway's management will have to prioritize resources towards establishing its debt-restructuring plan.

As a result, we do not expect significant improvements in Winsway's operations in 2015.

The logistics and supply chain business generated revenue of HKD102 million in 2014 and 13% EBITDA margin (reported). However, the segment remains small in scale relative to Winsway's coal trading operations, which accounted for 84% of revenue in 2014.

The winding down of its coal trading business and the scaling up of its logistics division will take time, and earnings will remain subject to volatility in the commodities markets due to the relative scale of its coal trading operations.

We expect that the coal trading business will still account for over 80% of the company's revenue in 2015.

The principal methodology used in these ratings was Trading Companies published in March 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Winsway Enterprises Holdings Limited is an integrated commodity supply-chain service provider in China. Its operations include coal processing and logistic services to its main clients, which are Chinese steel makers and coke plants. It listed on the Hong Kong Stock Exchange in October 2010 and is 49.1% controlled by founder Mr. Wang Xingchun.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Dylan Yeo
Analyst
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Gary Lau
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's: Delays in Winsway's restructuring plan are credit negative
No Related Data.
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