HNA Group announced on April 24 that 321 substantive merger and reorganization plans such as HNA Group have been implemented and confirmed by the court. So far, all four reorganization plans of HNA Group’s relevant bankruptcy reorganization cases have been implemented and ruled by the court.
On April 24, HNA’s A-share company Hna Innovation Co.Ltd(600555) also confirmed the news, announcing that the court ruled that the reorganization plan of HNA Group, the indirect controlling shareholder of the company, and HNA tourism group, the controlling shareholder of the company, had been completed.
In addition, since the final ruling of the court on October 31 last year, the consortium composed of CITIC Trust and Everbright Xinglong trust company has been determined as the trust trustee after public selection according to regulations. Up to now, the special service trust for bankruptcy reorganization of HNA Group has been established according to law.
this also means that the risk disposal work of HNA Group has been basically completed after more than two years since the establishment of the joint working group on February 29, 2020
4 reorganization plans have been implemented
The asset scale of HNA Group has exceeded trillion yuan. Since entering the bankruptcy proceedings, HNA Group has received a total of 2 trillion claims and finally confirmed 1.1 trillion claims. As the largest reorganization case in China, the reorganization progress of HNA Group has attracted much attention.
HNA Group fell into a liquidity crisis at the end of 2017. After that, HNA sold assets on a large scale and returned to its main business to try to “save itself”. However, by the beginning of 2020, due to the impact of covid-19 epidemic, the liquidity risk of HNA has increased. In this context, in order to effectively resolve risks, at the request of HNA Group, the “joint working group of Hainan HNA Group” was established under the leadership of Hainan Provincial Government on February 29, 2020.
splitting independent sectors and looking for investors respectively are the basic mode of HNA Group’s reorganization on February 10, 2021, HNA Group entered the bankruptcy reorganization procedure according to law, in which the main business of aviation, airport and supply and marketing Daji were recruited separately for war investment reorganization (corresponding to three listed companies Hainan Airlines Holding Co.Ltd(600221) , Hna Infrastructure Investment Group Co.Ltd(600515) and ST Daji), and 321 enterprises such as HNA Group were merged and reorganized.
Based on this, HNA’s reorganization case actually includes four independent reorganization procedures: Hainan Airlines Holding Co.Ltd(600221) and its 10 subsidiaries Merger and reorganization of Hna Infrastructure Investment Group Co.Ltd(600515) and its 20 subsidiaries Ccoop Group Co.Ltd(000564) and its 24 subsidiaries; Merger and reorganization of 321 companies including HNA Group Co., Ltd. Among them, three listed companies mainly adopted the way of introducing war investment and unified debt repayment for bankruptcy reorganization, while HNA Group Co., Ltd. mainly realized asset management and debt repayment through trust plan.
On October 23, 2021, the higher people’s Court of Hainan Province announced the results of voting and verification on the draft reorganization plans of HNA. The draft reorganization plans of the bankruptcy reorganization case of HNA Group and related enterprises have been voted through. On October 31, HNA Group announced that the reorganization plan was approved by the court of final appeal.
After that, the restructuring plan of HNA Group was accelerated. On December 31, 2021, HNA Group announced that the reorganization plans of Hainan Airlines Holding Co.Ltd(600221) , Hna Infrastructure Investment Group Co.Ltd(600515) , Ccoop Group Co.Ltd(000564) 3 listed companies had been implemented and confirmed by the court, and said that most of the risk disposal work of the group had been completed as scheduled, and the final closing work would be completed as soon as possible.
Until the latest announcement, the consortium composed of CITIC Trust and Everbright Xinglong trust company is the trust trustee. By April 24, the special service trust for bankruptcy reorganization of HNA Group had been established according to law.
Ccoop Group Co.Ltd(000564) war investment introduction has not yet landed
HNA’s aviation sector has always been the highlight of HNA’s restructuring process. In September last year, Hainan Airlines Holding Co.Ltd(600221) disclosed the progress of strategic investor recruitment. Liaoning Fangda defeated the “Fosun system” and “Junyao system” of the previous hot bidders. It came from behind and was established as the strategic investor of the group’s main aviation industry.
On December 8 last year, Hainan Airlines Holding Co.Ltd(600221) announced that the controlling shareholder was changed to Hainan Fangda Aviation Development Co., Ltd. and the actual controller was changed to natural person Fang Wei. With the formal transfer of the actual control of the operation and management of the main aviation industry to Liaoning Fangda department, the asset integration of HNA aviation sector has been basically completed.
After the completion of the delivery of the aviation sector, the HNA airport sector soon announced a change of ownership Hna Infrastructure Investment Group Co.Ltd(600515) announced on December 24 that the controlling shareholder will be changed from HNA foundation Holding Group Co., Ltd. to Hainan holding, and the actual controller will be changed from Hainan Cihang public welfare foundation to Hainan SASAC.
In the current restructuring plan of three listed companies of HNA, only Ccoop Group Co.Ltd(000564) has not yet recruited strategic investors. It is understood that Ccoop Group Co.Ltd(000564) on behalf of the commercial sector has adopted different ways of “restructuring first and then initiating war” compared with the aviation and airport sectors that have completed the work of initiating war. The company has also said many times before that the introduction of strategic investors after restructuring is still in progress.
With regard to the latest progress of the introduction of war, Ccoop Group Co.Ltd(000564) 421 said in reply to investors’ questions on the interactive platform that the company is still contacting potential strategic investors. With the disclosure of the company’s 2021 annual report and the promotion of self-examination and rectification, the introduction of strategic investors will open a new situation, which will be more conducive to the negotiation and selection of the introduction of strategic investors.
