[Epoch Times October 01, 2021]On September 30, HNA Group stated that since HNA entered the bankruptcy process, it has received a total of RMB 2 trillion of claims and finally confirmed claims of RMB 1.1 trillion. As of today, 4 reorganization procedures have been implemented for two debts. The meeting will be held smoothly. The bankruptcy and reorganization of HNA Group is only one step away from the end, and the statutory ruling will be awaited next.
According to Gu Gang, Secretary of the Party Committee of HNA Group, the overall situation of the Second Bond Committee will be summarized next. After the creditors complete the voting in accordance with the law before October 20, they will wait for a court ruling. It is expected that the relevant legal procedures will be completed in November.
“Securities Times” e company reported that from September 27 to 30, 321 mergers and reorganizations including *ST HNA, *ST Foundation, HNA Group, and *ST Daji held bankruptcy and reorganization meetings.
According to the announcements made by *ST Hainan Airlines and *ST Foundation that night, the investor’s equity adjustment plan has been passed smoothly. However, given that some creditors have reported that the voting time of the draft reorganization plan is relatively tight, the voting has been postponed to October 20 (Wednesday) 16:00 , The results will be announced after the completion of voting and counting.
According to HNA’s bankruptcy and reorganization plan, taking *ST HNA as an example, about 12 billion debt-to-equity swaps were paid to HNA Holdings and some of the creditors of its subsidiaries at a consideration of 3.18 yuan per share, so as to pay off about 40 billion debts; at the same time, the group assumed the holding of ordinary shares. 65% of the creditor’s rights have realized the translation of the 72.5 billion pledged debt.
On September 18, HNA Group’s official WeChat account disclosed that Hainan Province’s joint working group leader and HNA Group’s Party Secretary Gu Gang stated at the regular meeting of HNA’s safety production and operation that HNA will be split into four complete units after the reorganization is completed. Independently operated sectors-aviation sector, airport sector, financial sector, commercial sector and other sectors, are each led by a new actual controller shareholder.
Gu Gang also revealed to thousands of employees that after the reorganization, the equity of the old shareholder team and the Cihang Foundation in the HNA Group and member companies will be cleared and no longer have relevant equity.
According to the equity structure previously disclosed by HNA Group, HNA Group is indirectly owned by Hainan Cihang Charity Foundation, Hainan Cihang Charity Foundation Inc., 12 natural persons and Hainan Airlines Holding Co., Ltd. Among them, Cihang Foundation and Cihang Foundation, both domestic and overseas, own more than 50% of the shares of HNA Group, 12 natural person shareholders hold 47.5% of the shares, and Hainan Airlines Holding Co., Ltd. holds 0.25%. The 12 natural-person shareholders are all founders and senior executives of HNA Group, among which Chen Feng and Wang Jian each hold 14.98% of the shares and are the largest natural-person shareholders.
The equity of the old shareholder team will be cleared in accordance with laws and regulations. This also means that the founding team such as Chen Feng will officially withdraw from HNA Group and its thousands of HNA companies in legal terms. At the same time, the relationship between the Cihang Foundation and HNA will be thorough. Be cut.
On September 24, HNA Chairman Chen Feng and Chief Executive Officer Tan Xiangdong were officially notified to “take compulsory measures” for “suspicion of illegal crimes”. On the same day, Gu Gang issued a letter to all employees, implying Chen Feng’s multiple guilt; Mainland Caixin News published a document immediately disclosing the nepotism transactions of the families of HNA executives Chen Feng and Wang Jian.
Editor in charge: Li Bing #
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