Will the world's top 500 HNA debt crisis break out and become the next LeTV?

The outbreak of the debt crisis proves that this enterprise may be at risk of bankruptcy. If the company has core competitiveness, then it can carry out financing. If the financing is successful, it may stand up. If the financing fails, sorry, it may be the next LeTV.

In the first half of 20 17, the interest expense of HNA Group reached a new high, reaching 156 billion yuan, more than doubling year-on-year. What is the concept of doubling? It's the feeling that you can't make ends meet. Its short-term debt reached 654.38+0852 billion yuan, exceeding its cash reserves. Long-term debt reached 382.8 billion yuan, and net debt reached 6.5 times that of EBITDA.

However, half a year after the incident, The Wall Street Journal published another report, in which it was reported that the total debt of HNA Group actually reached about 654.38 billion US dollars, of which a quarter was short-term loans. This means that half of Half's 438+0.2 trillion RMB assets are loans, and nearly one quarter of them will expire within one year. A large number of short-term debts have laid a mine for HNA's debt problem.

During the ten years from 2008 to 20 18, HNA stretched its asset chain too long and invested in many industries from tourism to real estate. Although the cash flow of civil aviation industry is good, intensive investment and debt development are their secrets. Last year, the media reported that some short-term financial management of HNA began to postpone payment, which showed that its capital flow was not very healthy.

The central policy interfered with HNA's cash. In the past ten years, HNA has invested in various fields all over the country to build hotels and houses with land. His funds basically come from his own employees and social investment, and the profits of the civil aviation industry do not support the profit coverage of these funds. The most important thing is to see whether the financing is smooth.