哈藥股份(600664.SH)：GNC公佈兩個重整方案
格隆匯6月24日丨哈藥股份(600664.SH)公告稱，GNC Holdings Inc.於美國東部時間6月23日下午4點召開了董事會，聽取了董事會下設特別委員會關於根據美國破產法第11章規定申請重整的報告並隨後發佈了公告。
根據GNC的公告，GNC與其某些有擔保貸款人及關鍵利益相關方達成一致，將通過兩個方案實施美國破產法第11章項下的重整，兩個方案包括獨立重整計劃及出售計劃。兩個方案將同步推進，且GNC預期將最終確認採取其中的一項以使得GNC有望於今年秋季完成第11章程序。GNC北美以外的公司實體(包括GNC與公司的中國合資公司)未納入其第11章程序。
1、獨立重整計劃：根據GNC的公告，GNC與超過92%的定期貸款人和87%的ABL FILO貸款人(資產質押貸款人)簽署了一份《重組支持協議》(Restructuring Support Agreement)，並就獨立重整計劃達成一致。
2、出售計劃：根據GNC的公告，GNC及其多數現有有擔保的債權人於臨近公告前另與哈藥集團(系公司控股股東)就以7.6億美元的價格向其整體出售GNC業務初步達成原則性意向。且GNC正在與IVC(國際維生素公司，系GNC的最大供應商及合資夥伴)合作以保證產品的持續供應以及促成擬議的出售交易。該等出售交易仍有待於相關方的進一步商定及最終法律文件的確定並將通過一項由法院監督的拍賣程序執行。
若出售交易適時達成一致，其將代替獨立重整計劃被執行。
於上述兩個方案項下，GNC仍保持正常經營，但公司理解美國破產法項下，所有債權人在重整期間原則上都不得自行通過法律程序主張債權，最終清償情況將視重整方案實施情況而定。
根據GNC的公告，GNC已經獲得了部分現有債權人提供的約1.3億美元額外流動性的承諾，其中包括1億美元的DIP融資承諾(該等資金用於被接管期間之資金需求)，以及在獲得必要的貸款人同意後的額外約3000萬美元融資。
GNC進入美國破產法第11章重整程序後，公司作為優先股股東，償還次序位列普通債權人之後，無法得到優先清償，根據GNC目前公佈的財務數據初步測算，將對公司的淨資產和淨利潤產生重大影響，具體如下：
1、若GNC可轉換優先股總計約20.49億元的投資部分或全部無法收回，將衝減留存收益。
2、若累計約1.71億元的應收股利部分或全部無法收回，將計入當期損益。
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