HNA Group needs bankruptcy reorganization because of its inability to repay its debts, but the actual number of debts owed so far has not been confirmed, but the identity of some of the debtors has been exposed, including Hainan Bank, Chang’an Bank, Jinyuan Securities, China Huarong and other 7 financial institutions and more than 20 enterprises.
In the evening of January 29, a number of listed companies under the HNA system, including HNA Holdings, HNA Foundation and HNA Investment, HNA Innovation, Bohai Leasing, Supply and Marketing Grand Collection, HNA Cold Chain and other 11 listed companies and New Third Board listed companies issued restructuring announcements, all for similar reasons, that is, the relevant creditors applied to the court on the grounds that HNA Group or HNA subsidiaries could not pay their debts as they fell due and obviously lacked the ability to repay their debts. HNA Group and its subsidiaries were reorganized.
The list of HNA Group’s creditors has also been announced one after another. As far as the announcement has been released, the creditors are mainly 7 financial institutions. Among them, the most frequent is the Bank of Hainan, which belongs to the same province as HNA Group, followed by Chang’an Bank, in which the HNA Family had a stake, while other financial institutions include Jinyuan Securities, Yulong Leasing, China Huarong, Ping An Bank and Baoting Li and Miao Autonomous County rural Credit Cooperative Society.
In addition, HNA’s subsidiaries involved more complex creditors, including trading companies, travel agencies, furniture companies and so on. For example, Hainan International Tourism Island Development and Construction Company, a subsidiary of HNA, was sued by Hainan Zhongtai Yami Furniture Co. for its inability to pay its debts.
HNA Group declared bankruptcy reorganization, also need to make proper treatment and arrangements for all debts in accordance with the law, including through cash settlement, debt extension settlement, share against debt, trust share against debt and other ways to resolve the debt risk of HNA Group, and reduce the scale of HNA Group’s debt to a reasonable range that can be afforded.
On the eve of the announcement of HNA Group’s bankruptcy restructuring, HNA Group Executive Chairman Gu Gang sent a letter to about 100,000 employees, first mentioning that an Epidemic unprecedented in a century had seriously affected the group, making HNA worse and on the verge of survival. But he later admitted in the letter that even without the epidemic, it would have been very difficult for the group to go on, because it was so sick that it “could not be reborn without being put to death. He also thanked his employees for their unfailing commitment, as they were his motivation whenever he encountered difficulties, and asked them to hold on to their posts and fight another hard battle for the company.
However, there is internal news that since last year, the number of employees of HNA Group in Beijing has been greatly reduced, and only a small number of employees are left in the department where the person who broke the news.
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