The bankruptcy reorganization plan of HNA Group, which has attracted the attention of the industry, has become increasingly clear. On September 12, Hainan Airlines Holding Co., Ltd. (hereinafter referred to as “* ST HNA”) and HNA Infrastructure Investment Group Co., Ltd. (hereinafter referred to as “* ST foundation”), two listed companies of HNA Group, which entered bankruptcy and reorganization, respectively issued announcements to determine Liaoning Fangda Group Industry Co., Ltd. as the main aviation strategic investor of HNA Group, At the same time, Hainan Development Holding Co., Ltd. is determined as the strategic investor in the airport sector of HNA Group. If the investment is completed, the strategic investor may become the controlling shareholder of the company, which also means that the restructuring plan of HNA Group is released. Not only that, the two companies also announced that the second creditors’ meeting would be held at the end of the month. The meeting also clearly means that the bankruptcy reorganization of HNA Group is coming to an end, pending the voting results.
Two sectors confirm strategic investors
HNA’s restructuring plan is about to be finalized.
On September 12, * ST HNA issued the announcement on the recruitment progress of strategic investors in the main aviation industry of HNA Group. The announcement shows that at present, the manager has determined that the main aviation strategic investor of HNA Group is Liaoning Fangda Group Industry Co., Ltd. if the investment is completed, the strategic investor may become the controlling shareholder of the company.
At the same time, as another listed company of HNA Group entering bankruptcy reorganization, * ST foundation also issued the announcement on the progress of recruitment of strategic investors in the airport sector of HNA Group. The announcement shows that at present, the manager has determined Hainan Development Holding Co., Ltd. as the strategic investor in the airport sector of HNA Group. If the investment is completed, the strategic investor may become the controlling shareholder of the company. However, the manager formulated the draft reorganization plan according to the reorganization investment plan reached with the strategic investors. According to relevant laws, the draft reorganization plan must be approved by the court before it can take effect, which is still uncertain.
According to public data, Liaoning Fangda group is a private enterprise group with carbon, steel, medicine and commerce as the core. It has four listed companies: Fangda carbon, Fangda special steel, Northeast Pharmaceutical and ZTE commerce. Compared with the previously exposed competitors such as Junyao and Fosun, Fangda is not strong in terms of popularity or financial strength. Hainan Development Holding Co., Ltd. is a state-owned enterprise in Hainan Province. Gu Gang, leader of the joint working group of Hainan HNA Group and party secretary of HNA Group, is also the party secretary and chairman of Hainan Development Holding Co., Ltd.
In addition, * ST HNA and * ST foundation both said that if the company implements and implements the reorganization, the reorganization plan will help to improve the company’s asset liability structure, reduce or eliminate the historical burden and improve the company’s profitability. However, if the company’s subsequent operation and financial indicators do not meet the requirements of relevant regulatory regulations such as the Listing Rules of Shanghai Stock Exchange, the company’s shares still have the risk of delisting risk warning or delisting.
Liaoning Fangda, known as the “dark horse”
It is understood that at the beginning of this year, the official account of the WeChat public of HNA Group issued a statement that the group received the notice issued by the higher people’s Court of Hainan province. The main content is that the relevant creditors are applying for the bankruptcy reorganization of our group because our group can not repay the debts due.
Two months later, Hainan Higher People’s court announced that according to the application of relevant managers, the court ruled to conduct substantive merger and reorganization of 321 companies such as HNA Group Co., Ltd. according to law on March 13, 2021, and appointed the manager of HNA Group Co., Ltd. as the manager of substantive merger and reorganization of 321 companies such as HNA Group on the same day.
Before that, three enterprises participated in the bidding for the main assets of HNA aviation, namely Junyao, Fosun and Liaoning Fangda. In fact, Liaoning Fangda was not favored by the market before. Compared with Liaoning Fangda, competitors Junyao and Fosun have greater advantages in industrial coordination. Not long ago, the three enterprises made the last round of quotation, and finally, Liaoning Fang won.
In April this year, Juneyao airlines, a subsidiary of Juneyao group, announced that the company and junxianghai, Junyao Aviation Investment and strategic cooperative investors jointly established Jidao airlines, with a total investment of no more than 30 billion yuan by all partners for investment in aviation entities. On the other side, the Yu Garden shares, which are backed by the Fosun star, announced that the company intends to set up a partnership with the associated companies and strategic investors in the aviation industry. The partnership to be established is “Yu Garden aviation industry partnership (limited partnership”) (hereinafter referred to as “henan airlines industry”). The total contribution of Yuhang industrial partners is not more than 40 billion yuan, and the contribution of the company is not more than 10 billion yuan. The total stake of Yu Garden related party and joint strategic investors is not more than 30 billion yuan.