On the last working day before the National Day holiday, Gu Gang, head of the joint working group of Hainan HNA Group and secretary of the Party Committee of HNA Group, reported the above situation at the 20021Thursday1regular meeting on safe production and operation.
Prior to this, on February 10, HNA Group entered the bankruptcy reorganization procedure according to law, and its assets were divided into four pieces, which were reorganized respectively, including *ST HNA (60022 1), *ST Jiye (6005 15) and *ST Daji (000564).
"In less than eight months, the second debt meeting of the largest bankruptcy reorganization case was successfully held in the shortest time and with high quality. Next, the overall situation of the second debt conference will be integrated, and the creditors will wait for the court's ruling after completing the voting according to law before June 20 1 10. It is expected that the relevant legal procedures will be completed in June. " Gu Gang said.
Explain in detail the debt repayment plans of three listed companies.
At the four sub-prime debt meetings held from September 27 to 30, the draft restructuring plans of three listed companies, HNA and HNA Group, also surfaced one after another. Among them, *ST HNA and *ST Foundation found strategic investors, and the financial expenses were greatly reduced by investing money to pay off debts or paying off debts by shares.
*ST HNA's strategic investor is Liaoning Fangda Group, which will invest 38 billion yuan in HNA's aviation main business, and there are 3 billion yuan of risk mitigation funds.
Gu Gang revealed that of the 38 billion yuan that Fangda plans to invest, HNA Holdings will supplement the cash flow of about 25 billion yuan. After all the operating arrears are paid off, there may still be 654.38+000 billion yuan in cash in the main account of HNA Airlines for business operation, which is conducive to the recovery of HNA Airlines' main business into a healthy enterprise and can resist the continued impact of the normalization of the epidemic.
The reorganization draft of *ST HNA obtained by the First Financial Reporter shows that 49 15 creditors filed 92 15 creditor's rights with a total amount of 397.209 billion yuan. Upon examination by the administrator, the creditor's rights that have been submitted to the court for confirmation and are expected to be confirmed by subsequent courts are about1612.93 million yuan.
This debt of more than 654.38+06 billion yuan, except that the employee's creditor's rights and tax creditor's rights have been paid off in full, and each ordinary creditor's cash payment is less than 65.438+10,000 yuan (inclusive), is mostly solved by retaining debts, paying debts with shares, and transferring debts to HNA Group for repayment.
In this regard, many professionals analyzed to reporters that for ordinary creditors, the smaller the creditor's rights, the less the losses. For example, the part below 654.38+ 10,000 can be fully recovered, and the part above 654.38+ 10,000 can be discounted. The specific discount depends on the future share price of *ST HNA and how to repay the 64.38% part undertaken by HNA Group (this part is clearly settled in the form of trust plan in the draft of the reorganization of HNA Group's second debt joint venture). Generally speaking, the better HNA operates, the higher its share price, and the smaller its creditors' losses.
*ST-based strategic investor is Hainan Development Holdings Co., Ltd. (hereinafter referred to as "Haifa Control"), and 3,242 creditors have filed 4,937 claims with a total amount of 65.438+88.862 billion yuan. Upon examination by the administrator, the creditor's rights that have been submitted to the court for confirmation and are expected to be confirmed by subsequent courts are about 9565438+99 million yuan.
*ST-based debt repayment method is similar to *ST HNA, except that the employee's creditor's rights and tax creditor's rights are paid in full, and the one-time payment of each ordinary creditor's rights does not exceed 654.38+10,000 yuan (inclusive), and most of them are repaid by stock debt or debt retention.
* ST Daji is in a slightly better situation, and it is planned to introduce strategic investors after the reorganization is completed. * * * 5696 creditors filed 7304 claims with a total amount of 33.225 billion yuan. These debts are also paid off by leaving debts or paying off debts. Each ordinary creditor shall pay off in one lump sum within 654.38+0,000 yuan (including 654.38+0,000 yuan), and the part exceeding 654.38+0,000 yuan shall be paid off by large-cap stocks for supply and marketing.
HNA Group changed the trust plan into the shareholding platform of the actual controller.
Compared with several listed companies, the debt scale of 32 1 M&A companies such as HNA Group is larger. As of September 13, 64,368 creditors have filed168,814 claims, with a total amount of 1460633 billion yuan. After review by the administrator, the creditor's rights that have been submitted to the court for confirmation and are expected to be confirmed by subsequent courts are about 746.702 billion yuan, and the suspended creditor's rights are about 89.566 billion yuan.
Among the more than 700 billion creditor's rights that have been confirmed, there are not only employees' creditor's rights, tax creditor's rights and secured creditor's rights that need to be repaid first, but also ordinary creditors, covering a large number of personal financial investments: more than 50,000 people have purchased HNA's financial products, and the declared creditor's rights are nearly 30 billion, including many HNA employees.
As HNA as a whole has been insolvent by hundreds of billions (as of February, 20021year, 32 1 companies had total assets of 253.2 billion yuan, total liabilities of10.04 trillion, and net assets of-785.8 billion), according to the bankruptcy law, priority creditor's rights are excluded, which belongs to the financial management of ordinary creditor's rights.
However, due to the large number of people buying HNA wealth management products, at the previous debt meeting, the manager and the working group revealed that they hoped to give more repayment protection to wealth management creditors as much as possible. In the end, with the consent of institutional creditors, HNA Group, once unable to pay wages, squeezed out 654.38+07 billion yuan for the cash settlement of ordinary creditor's rights-each person received a cash payment limit of 30,000 yuan.
According to the reporter's understanding, two strategic investors, Liaoning Fangda and Haifa Control, are also willing to take out 3 billion cash/part of *ST HNA shares and 200 million cash/500 million *ST basic shares to "rescue" individual financial debtors. However, because this extra rescue resource is provided by a third party, it is neither the assets of HNA nor the assets in the scheme, so the extra cash and shares are not written into the reorganization draft, but are voluntarily accepted by financial creditors by signing a "debt transfer agreement".
The remaining debts of ordinary creditors will be paid off through the "trust plan", and the establishment of the trust plan is also the main carrier of HNA's future trillion debt repayment.
At present, the tentative six management platform companies include: Aviation Group (air transportation), Sanya Yihang Industrial Co., Ltd. (hereinafter referred to as Sanya Yihang, airport operation), Jinhai Zhizao (shipbuilding), HNA Asset Management Group Co., Ltd. (hotel business), Capital Group (financial services) and HNA Equity Management Co., Ltd. (others).
In the future, HNA Group headquarters will set up a new sponsor company, and the sponsor company will set up a new total shareholding platform company, holding the shares of the above six management platform companies.
At the same time, the sponsor company will act as the principal, set up a trust plan, and inject the equity held by the general shareholding platform and the creditor's rights receivable from various business segments into the trust plan as trust property. The trust plan also realizes the actual control and management of all the underlying assets of the trust through the general shareholding platform, that is, all the assets of 32/kloc-0 companies are included in the trust plan.
32 1 All debts of the company will also be collected by the sponsors, and compensated by the share of the trust plan established by the sponsors. Among them, creditors with property guarantee and ordinary creditors will get priority shares and ordinary shares respectively, and share the trust income according to their shares.
According to the reorganization draft, the trust income under the trust plan comes from the dividend and disposal income of the equity assets held by it, as well as the realization and disposal of accounts receivable, and ultimately comes from the operating income of the basic assets, the income from asset disposal, the investment of future strategic investors and the future dividend of the equity held by the platform company. However, the draft does not specify the trustee of the trust plan, the term of the trust beneficiary right and other specific details.
In other words, if the reorganization is successful, HNA Group will become a shareholding platform for the management/operation of trust plans with creditors as beneficiaries. How much compensation creditors can get from the trust plan in the future depends on the specific situation of the trust plan to dispose of assets and find strategic investors and the operating income of assets. The rights and interests of HNA's former old shareholder team will be completely cleared, including the investors of HNA shareholders and the investors of Hainan state-owned shareholders, and their shares will be transferred to creditors.