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海航系三家上市公司公告破产重整 大股东涉侵占和担保债务逾千亿

2021-1-30 14:24

 

1月30日晚间,在海航集团发布破产重整公告后,旗下三家上市公司海航控股(600221.SH)、海航基础(600515.SH)、供销大集(000564.SZ)也公告因不能清偿到期债务被债权人申请破产重整。

21世纪经济报道了解到,这只是海航集团一揽子破产重整计划的一小部分。海航集团和三家海航上市公司这四家公司的相应直接参股公司,共60家公司将第一批进入破产重整阶段。

海航系三家上市公司公告了存在股东及其关联方非经营性资金占用、未披露担保、需关注资产等问题。三家公司几乎成了大股东海航集团及其关联方的提款机,被占用资金约900亿元,涉担保金额近500亿元。

这一幕,海南省海航集团联合工作组组长顾刚已有预见。他在28日凌晨写下一封给海航集团数万名员工的“家书”中,坦陈“我知道集团破产重整的公告一发布,全集团都会再一次陷入舆论漩涡,成为焦点,自然也有很多人会很难过很焦灼。”

顾刚向全体员工解释道,海航集团走到今天,取得的成绩不是一蹴而就的,但是问题的积累也同样不是一朝一夕的,集团经过病在腠理,深入肌肤,而今几乎膏肓。所以,不置之死地已无法重生。“我们经过了无数的推演、争吵,熬过了无数个通宵,得到了众多机构支持、贡献的智慧,只有破产重整,我们才能够迎来新生”。

“这么辛苦制定的方案,目的不是破产,而是重整”,顾刚强调。

60家公司密集重整

三家上市30日晚间发布的《关于公司治理专项自查情况的公告》,细致地列举了一笔笔款项,如同影片一幕幕重现了上市公司在其控股股东及其子公司或关联方之间的秘密资金往来,也勾勒了海航集团过去多年来讲不清楚道不明的各种内保外贷、暗保融资等情形。

接近海南省海航集团联合工作组的人士透露,工作组进驻后,聘请了审计机构对整个海航系进行了全面调查,用了三四个月的时间查清了海航集团整体脉络,梳理出了海航系的股权关系树状图。

顾刚所发的“家书”里透露,海航全新的完整版的几家上市公司及集团公司的股权关系树状图,每一张都近三米,堪比“清明上河图”。

审计结果显示,海航集团有2300家公司,90%是壳公司,实际在运行的公司仅近200家。此次破产重整的首批60家公司,就是这近200家实体公司的一部分。

60家公司的债务占比超过集团总债务的50%。如果顺利完成这60家公司的破产重整,海航集团的救助计划便能啃下最硬的一块骨头,第二步则是推出400多家公司的破产重整,消解海航集团85%的债务危机。其余一千多家公司自身问题不大,只是被集团债务风险所累,一旦海航恢复正常运转,这些公司多半亦能够自救。

据了解,按照目前破产重整流程,一旦海南法院受理海航集团及其旗下60家公司的破产重整申请,它们随后会向证监部门提交申请,证监部门将对这些涉及上市公司的破产重整相关事宜进行核查,并听取工作组有关这些上市公司破产重整的思路,采信后证监部门才可能提供许可,随后进入法院裁定受理重整并指定管理人环节。

在海航集团破产重整方案中,最核心也是最困难的,便是上市公司的破产重整。尤其是股票代码为600221的海航控股,它是海航集团航空主业平台。海航集团此次破产重整,核心是保航空主业。

据悉,海航集团旗下控股的上市公司为12家,包括7家A股和4家港股上市公司,以及1家A+H股公司。首批公告破产重整的公司中有三家上市公司,分别是海航控股、海航基础、供销大集。三家公司共同的问题是大股东侵占资金过于庞大,金额高达900亿元,同时还有担保资金近500亿元,上市公司又欠银行和相关供应商的资金,由此形成三角债。

为了减少对上市公司的冲击,同时保护中小股东的利益。三家公司公告表示,将就公司股东及关联方非经营性资金占用问题进行积极沟通,督促其尽快通过现金补足、资产回填等方式解决相关问题。

海航控股表示,正在与关联方及债权人协商,通过将部分债务转移至关联方负责偿付的方式,解决同等金额的非经营性资金占用。

海航基础正在与关联方协商,通过资本公积金转增股票,并由大股东以获得的转增股票让渡上市公司解决。

供销大集则表示,拟通过资本公积金转增股票,并由公司部分股东以获得的转增股票回填给上市公司。

上市公司破产重整方案的设计思路是,将涉及到的庞大三角债拉平,把上市公司的部分债务,以债转股的方式转移到海航集团,不至于影响上市公司的正常运营,上市公司的债权人改向海航集团申索债务,而其债务将会装入一个实质混同的大债务包里进行处理。

海航重整正当时?

海航方面希望,重整实施完毕后,海航集团的负债将大幅削减、运营负担显著减轻、经营管理制度进一步优化;随着增量资源的注入、航空运输市场逐渐回暖、市场经济环境逐渐向好,海航集团将恢复持续经营能力和盈利能力,将继续维持以海航控股为核心的全国第四大航空公司;海航集团体系内上市公司继续维系上市资格,消除对资本市场的潜在重大震荡,全体中小股东的利益得到保护,未来有望获得更有价值的回报;全体债权人的债权得到妥善安排,避免债务风险传导、蔓延,有效防范金融风险,并且债权人还可以通过抵债获得的股票、信托份额持续享有重整后海航集团发展的红利。

航空主业的稳定对海航未来至关重要。而航空业是讲求规模经济的行业,此前海航集团曾计划出售首都航空、乌鲁木齐航空、北部湾航空、西部航空和金鹏航空几家地方航空公司的控股权,转手给各地政府。但这些出售计划均被搁置已久。

21世纪经济报道得到的最新消息是,这些地方航空公司不卖了,留在海航大航线网络内继续发展。海航集团也不准备将航空资产卖给国字头的航空公司,而是会引入民营背景的战略投资人,保持民营航空公司主体地位。至于谁会有这么大的实力接盘海航?据海南省政府内部信源透露,有不少资本对海航颇感兴趣。

业内专家指出,当前可能是海航集团进行重组的最佳时机。

2020年新冠疫情对航空业造成巨大影响,虽然我国疫情控制得力、国内民航恢复迅速,但影响也极其深远。

据民航局数据,2020全年完成运输总周转量、旅客运输量分别为798.5亿吨公里和4.2亿人次,相当于2019年的61.7%、63.3%。

2021年开年,国内局部地区再次出现疫情。受疫情影响,今年春运开启民航客流量下降。春运首日,民航发送旅客52.3万人次,环比下降42.4%,比2019年同期下降68.5%,比2020年同期下降72.1%。

海航业绩也同期掉入最低谷。1月30日海航控股发布的2020年业绩预告透露,全年预亏损580亿元到650亿元。

海航控股表示,2020年经营利润亏损约165亿元,但因海航集团等公司重要关联方被债权人申请重整,导致公司所持关联方的的股权投资、应收关联方款项、金融资产及飞机资产等预计可能出现损失,计提减值损失约460亿元。

民航资源网专家韩涛表示,海航集团在这个时候破产重组,也许是最佳时机,目前受疫情影响,市场不在正常的状态下,趁着这个时候涅槃重生,对海航以及航空业都不会造成太大的影响和压力。重组后反而可以轻装上阵,重头再来。

民航专家綦琦也表示,海航集团重组对行业影响有限,特别是疫情期间航空运量低位,航空安全压力不大,反而是重组好时机。海航集团影响最大的是其直接债权人,他们投资的资本将从潜在损失转变为表内减值。

正如顾刚所言,“我们在漆黑的隧道里摸索了三年,走进过岔道,摸到过绝壁,但,这一次,这一年的工作,真的可以看到隧道口透出来的光亮了。”

ht "about corporate governance special audits of announcement, detailed lists the room with the money, like a movie scenes reappear in its controlling shareholders of listed companies and its subsidiaries or affiliates secret between funds, also draw the outline of the hna group is not clear in the past years within the various toolong qualify for loans, such as dark insurance financing situation.


According to a person close to the joint working group of Hainan HNA Group, the group hired an audit agency to conduct a comprehensive investigation of the whole HNA Group after it was stationed there. It took three or four months to identify the overall context of HNA Group and tease out the ownership relationship tree of HNA Group.


Gu Gang's "letter home" revealed that HNA's new complete version of several listed companies and group company equity relationship tree, each nearly three meters, comparable to the "Qingming Riverside map."


According to the audit, HNA has 2,300 companies, 90 per cent of which are shell companies, and only nearly 200 are actually operating. The first 60 companies to be restructured are part of a group of nearly 200 entities.


Sixty companies account for more than 50 per cent of the group's debt. If the 60 companies are successfully restructured, HNA's rescue plan will be the hardest piece of bone. The second step is to launch the bankruptcy reorganization of more than 400 companies, eliminating the 85% debt crisis of HNA Group. The remaining 1,000-plus companies are not troubled by their own problems, just the risk of group debt, and most of them will be able to save themselves once HNA returns to normal operations.


Learned, according to the current bankruptcy reorganization process, once the court accepts the hna group in hainan and its 60 company's application for bankruptcy reorganization, they will then submit an application to the securities regulatory authorities, the securities regulatory department will matters related to the bankruptcy reorganization of listed companies which checks, and listen to the working group on the thinking of the bankruptcy reorganization of listed companies, to gather the letter before regulatory department may provide license, then enter the court accepts the reorganization and specify the administrator.


In the bankruptcy reorganization plan of HNA Group, the most core and the most difficult one is the bankruptcy reorganization of the listed company. In particular, HNA Holdings, with the ticker symbol 600221, is the main aviation platform of HNA Group. HNA Group bankruptcy reorganization, the core is to protect the main industry of aviation.


It is reported that HNA Group controls 12 listed companies, including seven A-share companies, four Hong Kong-share listed companies, and one A+ H-share company. Among the first companies to announce bankruptcy reorganization were three listed companies, namely HNA Holdings, HNA Foundation and Supply and Marketing Daji. The common problem of the three companies is that the large shareholder embezzlement of funds is too large, up to 90 billion yuan, at the same time there are nearly 50 billion yuan of guarantee funds, listed companies owe banks and related suppliers of funds, thus forming triangle debt.


In order to reduce the impact on the listed companies, while protecting the interests of minority shareholders. The three companies announced that they would actively communicate with shareholders and related parties about the occupation of non-operational funds, and urge them to solve the related problems through cash replenishment and asset backfilling as soon as possible.


HNA said it is negotiating with related parties and creditors to resolve the same amount of non-operational capital appropriation by transferring part of the debt to the related party for payment.


HNA Foundation is negotiating with related parties to transfer the additional shares through capital accumulation fund, and the major shareholder will transfer the additional shares obtained to the listed company for settlement.


Supply and marketing Daji said that through the capital accumulation fund to add shares, and by the company part of the shareholders to obtain the added stock backfill to the listed company.


Bankruptcy reorganization scheme design thought is of listed companies, will involve huge debt level, the part of the debt of listed companies, in the form of debts into shares transferred to hna group, not affect the normal operation of listed companies, listed companies redirection hna group claims of its creditors, while its debt will be debt into a real mix of big bag for processing.


Right time for HNA restructuring?


HNA hopes that after the implementation of the restructuring, HNA Group's liabilities will be significantly reduced, the operating burden significantly reduced, and the operation and management system further optimized; With the injection of incremental resources, the gradual recovery of the air transport market, and the gradual improvement of the market economic environment, HNA Group will restore the ability of continuing operation and profitability, and continue to remain the fourth largest airline company in China with HNA Holding as the core. Listed companies within the HNA Group system continue to maintain their listing qualification, eliminate potential major shocks to the capital market, protect the interests of all minority shareholders, and expect to get more valuable returns in the future; The creditor's rights of all creditors are properly arranged to avoid the transmission and spread of debt risks and effectively prevent financial risks. In addition, creditors can continue to enjoy the dividends of the development of HNA Group after restructuring through the shares and trust shares obtained from debt repayment.


The stability of the main aviation industry is crucial to HNA's future. Aviation is an industry that prizes economies of scale, and HNA had previously planned to sell controlling stakes in several regional airlines -- Capital Airlines, Urumqi Airlines, Beibu Gulf Airlines, Western Airlines and Jinpeng Airlines -- to local governments. But those sales have long been on hold.


The latest news to the 21st Century Business Herald is that these regional airlines are not for sale and will continue to develop within HNA's large route network. HNA Group is not prepared to sell aviation assets to the national prefix airlines, but will introduce strategic investors with private background, to maintain the main position of private airlines. As for who will have such a big strength to take over HNA? According to sources inside the Hainan provincial government, there are a lot of capital interested in HNA.


Industry experts point out that now may be the best time for HNA Group to restructure.


The new epidemic in 2020 will have a huge impact on the aviation industry. Although China's epidemic control is effective and domestic civil aviation has recovered quickly, the impact is also extremely far-reaching.


According to the Civil Aviation Administration of China (CAAC), the total transportation turnover and passenger transport in 2020 will be 79.85 billion ton-km and 420 million person-times respectively, equivalent to 61.7 percent and 63.3 percent of 2019's figures.


In the beginning of 2021, the epidemic occurred again in some parts of the country. Affected by the epidemic, this year's Spring Festival travel started civil aviation passenger flow dropped. On the first day of the Spring Festival travel rush, civil aviation sent 523,000 passengers, down 42.4 percent month-on-month, 68.5 percent less than the same period in 2019, and 72.1 percent less than the same period in 2020.


HNA's performance also fell to its lowest point in the same period. On January 30, HNA Holdings released a forecast for its 2020 results, saying it expects to lose 58 billion yuan to 65 billion yuan for the year.


HNA Holding said that in 2020, the operating profit loss is about 16.5 billion yuan, but due to the important related parties of HNA Group and other companies are applied for restructuring by creditors, resulting in the equity investment of the related parties held by the company, the receivables of related parties, financial assets and aircraft assets and other expected losses, impairment loss of about 46 billion yuan.


Han Tao, an expert at the Civil Aviation Resources Network, said that HNA Group's bankruptcy and restructuring at this time may be the best time. Currently, the market is not in a normal state due to the outbreak, so it will not cause too much impact and pressure on HNA and the aviation industry. After the reorganization, they can go light and start again.


Qi Qi, an expert on civil aviation, also said that the restructuring of HNA Group will have a limited impact on the industry, especially during the outbreak of the low air traffic volume, aviation safety pressure is not big, but a good time to restructure. HNA's biggest impact will be on its direct creditors, who will invest capital that will be converted from potential losses to off-balance-sheet impairments.


As Gu Gang said, "We spent three years groping in a dark tunnel, walked into a fork in the road, and touched a cliff. But this time, through this year's work, we can really see the light coming out of the tunnel mouth."

 

原作者: 郭芳 孙庭阳 来自: 21世纪经济报道