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Reorganization of 62 companies from 3 A-share companies was requested HNA HoldingsPre-loss of more than 50 billion
Author: Chen Shanshan
[ 据记者了解，这60多家公司的债务，相当于海航集团总体债务的60%左右，如果这些公司的债务问题得到解决，海航集团的整体债务风险就化解了一大半。 ]
On the night of January 29, HNA Holdings (600221.SH), three listed companies of the HNA GroupBasic HNA（600515.SH） 、Marketing and supplies collection(000564.SZ) has issued announcements successively, announcing that many of its subsidiaries have been reorganized by creditors.
This is the first group of related companies listed under the HNA Department to file for bankruptcy and reorganization after the HNA Group officially filed for bankruptcy and reorganization on the night of January 29.
These three publicly traded companies include the top three businesses of HNA Group’s main aviation business, investment and construction in infrastructure and commodity circulation services. Companies that have been declared bankrupt and reorganized by creditors include HNA Holdings, Xinhua Airlines, Chang’an Airlines, Shanxi Airlines, Lucky Air, Fuzhou Airlines, Urumqi Airlines, Beibu Gulf Airlines, Kehang Investment, HNA Technology and HNA Capital. , HNA Industry, Supply and Marketing There are a total of 62 Daji subsidiaries.
According to the journalist’s understanding, the debt of these more than 60 companies is equivalent to about 60% of the total debt of HNA Group. If these companies’ debt problems are resolved, HNA Group’s overall debt risk will be resolved by more than half.
The announcements issued by the three listed companies also show that the three listed companies that filed for bankruptcy and reorganization this time passed the self-examination and found that the company has non-operating capital occupation by shareholders and related parties, undisclosed collateral and assets. They need attention, and the amount is huge. For these problems, the company and related parties have proposed solutions that must be confirmed by all parties.
At the same time as the announcement of the reorganization request, HNA Holdings also released a performance forecast for 2020. It is expected to lose between 58 and 65 billion yuan in 2020 (net profit attributable to equity), and in 2019 it will be a profit of 543 million yuan.
HNA Holdings stated that its loss of operating profit in 2020 was approximately 16.5 billion yuan, but because the important related parties of companies like HNA Group were requested for reorganization by creditors, capital investment of parts related parties, accounts receivable from related parties, financial assets and aircraft. Assets are expected to be lost, etc. Based on the principle of prudence, the company accumulated losses from guarantee contracts for related parties and accumulated a total of approximately 46 billion yuan for impairment losses on capital investments, accounts receivable from related parties, financial assets and assets. of aircraft maintained by related parties.
While the reorganization was requested, Hainan Airlines announced overnight that all production and operation are stable and normal, and that products purchased by passengers, members, points and other rights and interests will not be affected.
The HNA Foundation expects the net profit attributable to shareholders of publicly traded companies in 2020 to be a loss of $ 5.9 billion to $ 8 billion. In addition to the impact of the new corona epidemic, the decrease in operating income also includes the majority shareholders of the company and its indirect, concerted actors The request of the controlling shareholder for reorganization by creditors has resulted in possible losses in the company’s linked assets and linked guarantees. Based on the principle of prudence, the provision for impairment of related assets and losses -The guarantees of the parties are increased.
A person familiar with the matter revealed to journalists that after the court accepts the reorganization requests of the companies listed above, the reorganization path will be similar to the HNA Group bankruptcy reorganization path, through the transfer, debt reduction and exemption, and the introduction of strategic investors to solve debt problems. The objective of HNA Group’s risk mitigation plan is that companies listed in the system continue to maintain their listing ratings, eliminate potential major shocks in the capital market through bankruptcies and reorganizations, protect the interests of all small and medium-sized companies. shareholders and get more valuable returns. in the future; The claims of all creditors have been properly arranged to avoid the transmission and dispersion of debt risks and effectively prevent financial risks.
Among them, HNA Holdings’ main aviation industry hopes to maintain its private sector status after introducing strategic investors. That is, it hopes to introduce private strategic investors to enter and retain the HNA department, including Capital Airlines, Tianjin Airlines, and Western Airlines. To maintain HNA’s position as the fourth-largest aviation group, many local airlines, including Xiangpeng Airlines, will not be acquired by the three state airlines.
Prior to this, many local airlines under the aforementioned HNA department have signed a restructuring framework agreement with the local government. The implementation of the above goals also means that these local airlines will not take the path of being acquired by the local government.
According to Liu Yanling, partner at Beijing King & Wood Mallesons, bankruptcy reorganization is a system stipulated in the “Corporate Bankruptcy Law”, but it is not equivalent to bankruptcy liquidation. The ultimate goal of bankruptcy liquidation is to cancel and withdraw from the market of distressed companies, while the ultimate goal of bankruptcy reorganization is to save distressed companies by reorganizing debt, assets, equity, management, etc., to provide opportunities to the company. and rebirth, and to realize the win-win Multi-party company and creditors. In recent years, large companies such as Northeast Special Steel, Bosteel Group, Chongqing Lifan and Qinghai Salt Lake have adopted bankruptcy and reorganization systems to optimize asset structure, introduce incremental resources, guarantee debt repayment, stabilize production and operation and successfully prevent closure. and business liquidation has a good social benefit.
However, compared to the above-mentioned companies, HNA Group’s debt scale and risk mitigation work is much larger and more complicated, which also means that risk mitigation work still takes a long time and process. legal to go.
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