After more than three years of overwhelming debt，HNA Group ushered in the dawn of a turnaround。

January 26，HNA Group announced the confirmation of the new party committee members，By Wang Zhen、Bao Qiqi、Liu Lu、Xu Huicai、Li Xianhua、Li Weijian、Gu Gang、Lu Xiaoming、Liao Hongyu and 9 people formed the second party committee team of HNA Group，Gu Gang was elected as the new HNA Group Party Committee Secretary。

This means，Founder of HNA Group、Chairman、Former Party Secretary Chen Feng failed to be elected as a member of the new HNA Group Party Committee。

There have been signs of this personnel change。January 21，HNA Group announces finalization of risk resolution plan，Also means based on work needs，Gu Gang resigned as director and executive chairman of HNA Group，Ren Qinghua resigned as director and co-CEO of HNA Group。

Gu Gang and Ren Huaqing entered HNA Group at the end of February 2020 following the joint working group。At that time，HNA’s debt crisis has not been resolved yet，The Hainan government 188bet Online Sports Betting and Casino took the lead in establishing the "Hainan HNA Group Joint Working Group"，Settled in HNA Group to handle risks，Gu Gang and Ren Qinghua serve as the leader and executive deputy leader of the joint working group respectively。

Before entering HNA Group，Gu Gang is the chairman of Hainan Development Holdings，Ren Tsinghua University Hainan Yangpu Economic Development Zone Management Committee Director。Hainan Development and Control is the largest provincial state-owned enterprise in Hainan、Hainan’s largest state-owned investment operation platform and the only provincial financial platform。At the same time，Hainan Development and Control is also HNA Holdings (600221.SH) Shareholder of China Airlines, the major shareholder。

After the joint working group settles in，HNA Group restructures its board of directors，Increased from five seats to seven seats，Chen Feng and Tan Xiangdong continue to serve as chairman and CEO，Gu Gang and Ren Qinghua serve as executive chairman and co-CEO respectively。The outside world believes that HNA has been "taken over" by state-owned assets。

January 21，Gu Gang and Ren Qinghua resigned from the board of directors of HNA Group，But keep the position of the joint working group unchanged。This means，188bet app download HNA’s risk management plan has been recognized by key parties，About to enter the implementation stage。

Debt problem

July 2018，HNA Chairman Wang Jian passed away unexpectedly，Chen Feng, who was once marginalized, makes a comeback，Regaining control of Hainan Airlines in the storm。

After Chen Feng’s return，Personnel changes were made first，Appointed son Chen Xiaofeng as CEO of HNA Group、Enter the board of directors，Appointment of nephew Chen Chao as chief investment officer of HNA Group。

Subsequently，Chen Feng changed HNA Group’s rhythm from “buy, buy, buy” to “sell, sell, sell”。As of the end of 2019，Hainan Airlines has sold off more than 300 billion yuan of assets，But still cannot fill the huge financial hole。

2020 was originally regarded by Chen Feng as “the decisive year for HNA to resolve liquidity risks”。But a sudden epidemic hit the global aviation industry hard，HNA Holdings, the flagship aviation segment of HNA Group, suffered a loss of 156 in the first three quarters of last year.2.7 billion。

Due to delay in monetization through operations，As the legal representative of HNA Group，Chen Feng was included in the "high limit" list due to HNA's debt problems。

How big is HNA Group’s debt？Always a recognized mystery。

The trillion-dollar HNA Group was demystified during the era of King Chen，The actual person behind the scenes is unknown。After the joint working group arrives，The mystery of HNA Group is gradually revealed。

According to HNA Group’s bond issuance report，As of the first half of 2019，HNA Group has 703.9 billion debts to be repaid，173.1 billion of short-term debt needs to be repaid within one year，Unrestricted cash on hand has shrunk to 40.6 billion yuan，Far from solving the debt repayment crisis。

How to resolve such a huge debt 188bet app is the focus of the outside world。Currently，The joint working group has not disclosed HNA Group’s asset disposal plan。But according to HNA Group，HNA Group and its affiliated companies will be under the direct leadership of the joint working group，According to marketization、Principles of the rule of law，Continue to go all out to promote the implementation of HNA Group’s risk management。

The focus of the asset disposal plan is marketization and legalization。There is no doubt about the rule of law，So how can the joint working group solve HNA Group’s debt problem in a market-based manner？

According to media quotes from people familiar with the matter，One of the solutions is that new strategic investments, including state-owned capital, will be injected into the "New HNA" in the future，However, HNA Group will remain a private entity。At the same time，Debt-for-equity swap will also be an important means to resolve debt pressure。

“Safeguarding the main business” is the core content unanimously recognized by all parties to resolve risks。2019，HNA Group once planned to convert Capital Airlines、Urumqi Airlines、Beibu Gulf Airlines、Controlling stakes in several local airlines such as West Air and Jinpeng Airlines，Changed to local governments。But as of now，There is no clear progress or completion news for these projects。

At the same time，There is market news，Due to the strong professionalism of the air transport industry，Therefore, HNA Group may introduce professional 188bet sports betting app download management talents from the “three major state-owned airlines” in the future to maintain the company’s stability in business and development。

HNA Group’s specific debt resolution plan requires the joint working group to give a clear answer to creditors as soon as possible。But one thing is for sure，For HNA，The new curtain is about to open，The new curtain is about to open。

*Source of this article: WeiboTrust the public “damofinance”，Author: Bai Tiantian，Original title:《The old era of HNA is over》。