325 companies of Hainan Airlines entered bankruptcy and reorganization.

Since the high-profile application for bankruptcy reorganization of HNA Group Co., Ltd. (hereinafter referred to as "HNA Group") and a series of related enterprises were officially announced and started at the end of January, it has become a "race against time" because of its wide spread, the number of enterprises involved, the scale of assets and the total debt, and a series of problems such as the pressure faced by enterprises themselves and the promised time limit for creditors. This is also the main reason for the frequent actions of related enterprises in the capital market and judicial links for more than a month.

325 companies entered the bankruptcy reorganization procedure

After Hainan Higher People's Court (hereinafter referred to as "Hainan High Court") announced on February 1 that it accepted the bankruptcy reorganization of seven companies including HNA Group, Hainan Airlines Holding Co., Ltd. (hereinafter referred to as "HNA Holdings"), the core platform of HNA Group's aviation industry, also announced on February 18 that 1 subsidiaries (Xinhua Airlines, Changan Airlines, Shanxi Airlines,

according to the seven announcements (No.:(221) Qiongpo No.1 -(221) Qiongpo No.7) issued by Hainan High Court on March 3, 325 companies of HNA Group will enter the bankruptcy reorganization procedure.

The Announcement of Hainan Higher People's Court on Holding Hearings on Substantive Merger and Reorganization of 325 Companies, including HNA Group Co., Ltd. issued by Hainan High Court pointed out: On February 1, 221, According to the law, our court ruled that the reorganization cases of seven companies (hereinafter referred to as "seven companies including HNA Group") were accepted, and the liquidation group of HNA Group was appointed as the managers of seven companies including HNA Group on the same day.

on March 2, 221, managers of seven companies, including HNA group, submitted applications to our institute, claiming that after investigation by managers, seven companies, including HNA group, and 318 companies, including HNA Innovation Finance Co., Ltd., were highly correlated. In order to fairly protect the rights and interests of creditors, It applied for the incorporation of 318 companies, including Daxinhua Airlines Co., Ltd., HNA Aviation Group Co., Ltd., HNA Basic Holding Group Co., Ltd., HNA Commercial Holdings Co., Ltd., HNA Capital Group Co., Ltd. and HNA Innovation Finance Co., Ltd., into the reorganization case of HNA Group Co., Ltd. and the trial was conducted by substantive merger.

Hainan Higher People's Court said that in order to fully listen to the opinions of all parties and protect the legitimate rights and interests of interested parties in accordance with the law, a hearing will be organized on March 9, 221 on the above applications of managers of seven companies, including HNA Group. According to the "List of Enterprises Applied for Substantive Merger and Reorganization" released at the same time, in addition to seven companies including HNA Group, the enterprises involved in this bankruptcy and reorganization are all over Beijing, Shanghai, Tianjin, Chongqing, Shenzhen, Yunnan, Sichuan, Zhejiang, Guangdong, Jiangsu, Shaanxi and other regions, including aviation, tourism, hotels, investment, culture, sports, real estate, foreign trade, communications, Shaanxi and so on.

The core of future business will focus on the main aviation industry

From these 325 enterprises applying for bankruptcy and reorganization, it can be seen that HNA Group started as a local airline, and its assets have exceeded one trillion in just over 2 years. One of the most important expansion methods is to take the unprofitable air transport business as a "stepping stone", which has opened the "friendship door" with many local governments and sought further development and landing in other industries. At one time, this model also inspired some other enterprises to "learn from", and formed the situation that most provincial administrative units are "standard" airlines, and some places even have many airlines in the same region.

Three listed companies under HNA Group, HNA Holdings (6221), HNA Foundation (6515) and Supply & Marketing Daji (564), resumed trading on February 19th and were warned of delisting risks. The stock abbreviation was changed to *ST HNA, *ST Foundation and *ST Daji. According to the previously disclosed fund clearing situation, HNA Holdings, as the core aviation operation platform of HNA Group, is also one of the few high-quality assets, and has incurred debts of more than 6 billion yuan due to problems such as capital occupation and illegal guarantees. If you count the assets that need attention, it will exceed 1 billion yuan. According to the announcement issued by HNA Holdings on February 9, it plans to transfer some non-bailout ordinary debts with interest to shareholders and related parties HNA Group and HNA Aviation Group Co., Ltd. in the same proportion in the reorganization, and the amount of transferred debts is expected to be no less than about 72.5 billion yuan.

according to the information provided by several sources close to HNA group, after this reorganization, HNA group will focus its future business on the main aviation business, inject the assets of a number of local aviation enterprises that have been diversified before into HNA Holdings, and plan to introduce a private enterprise as a new strategic investor. From local airlines to multinational groups, and finally return to local airlines, this has been the best result for HNA Group so far.