January 29，HNA 188bet online sports betting releases the latest announcement，This time I am applying for bankruptcy reorganization。

With HNA 188bet online sports betting’s official announcement of “bankruptcy and reorganization”，The working 188bet online sports betting’s one-year risk resolution plan also officially kicked off。

What is 188bet online sports betting reorganization?

So-called 188bet online sports betting and reorganization，Refers to companies that meet 188bet online sports betting conditions but have hope of rescue, No liquidation immediately，But under the auspices of the court，Designated 188bet online sports betting administrator，Clear the company’s claims and debts according to law，Develop a reorganization plan，Carry out business restructuring and debt adjustment，To help debtors get out of financial difficulties、Restore business capabilities。

The debtor can use the legal framework of 188bet online sports betting reorganization，Flexibly use various measures allowed by the reorganization procedure to restore operating capabilities、Pay off debt、The purpose of recombination and regeneration，If you can not only defer repayment or reduce debt，You can also transfer shares for free，Reduce or increase the company’s registered capital，Convert debt into shares，Directed issuance of new shares or corporate bonds to specific targets，Transfer business、Assets and other methods。

Different from 188bet online sports betting liquidation，188bet online sports betting and reorganization strives to prevent companies that are facing difficulties but have hope of salvation from closing down and liquidating，Thereby gaining a chance to restore life。The goal of 188bet online sports betting and reorganization procedures is to resurrect the enterprise，Avoid being liquidated，The purpose of 188bet online sports betting liquidation is to make the creditors of the bankrupt enterprise fairly compensated，Eliminate bankrupt enterprises。

If we compare it with previous bankruptcy and reorganization cases，You can look at the bankruptcy and reorganization of Tianjin Bohai Iron and Steel 188bet online sports betting (introducing private enterprises as new strategic investors，Financial institution creditors debt-to-equity swap) and Japan Airlines’ bankruptcy reorganization (creditors gave up 87% of their claims，New investors benefit from JAL’s reduction in business scale and equity appreciation after re-listing) case。However，Compared to HNA’s huge debt scale，The two companies can only be said to be small compared to the big one，It also means that HNA 188bet online sports betting’s “bankruptcy and reorganization” is more challenging。

Why choose 188bet online sports betting and reorganization?

According to the aviation and travel circle，Application for bankruptcy reorganization，This decision was based on the HNA 188bet online sports betting Hainan Provincial Joint Working 188bet online sports betting (hereinafter referred to as the "Joint Working 188bet online sports betting") to find out HNA's bottom line。After the joint working 188bet online sports betting arrived on February 29, 2020，Spent several months investigating the assets of HNA 188bet online sports betting and its more than 2,000 companies、Liabilities、Check related transactions one by one，clarified the asset base of the entire 188bet online sports betting、Management Structure、Equity relationship and debt relationship。

According to the aviation and travel circle，After the working 188bet online sports betting’s one-year investigation into HNA’s assets and liabilities，Discovered that HNA’s current debt scale is much larger than previously disclosed，It can be said that it has reached the level of insolvency，Therefore, it is believed that "bankruptcy and reorganization" is the only feasible way to solve HNA's debt problem，In this way, we can strictly comply with the legal system，Ensuring that the interests of all creditors are maximized，The ultimate goal is to hope that HNA 188bet online sports betting will be reborn through the reorganization process，Debts are gradually paid off，Business can be sustained，Thus saving the jobs of more employees。

The HNA risk mitigation plan made by the working 188bet online sports betting in the past year，It is to “legalize” various possible situations that may occur after the subsequent implementation of “bankruptcy and reorganization”、Marketization、Deduction based on the principle of “operability”，Propose various possible solutions。This plan has gained the understanding and support of relevant departments。

Also，The reason why we embarked on the road of restructuring，Also because the working 188bet online sports betting believes that HNA has asset value、Brand Value、Higher rescue value including service value。After the working 188bet online sports betting moves in，Stabilized production and operation，Laid a solid foundation for reorganization，Hainan Airlines after successful reorganization，Be able to continue to be a reputable market player，Continue to contribute your own social value。

The next step for 188bet online sports betting’s bankruptcy and reorganization

Follow the usual procedures for 188bet online sports betting and reorganization，After the court accepted the company’s 188bet online sports betting reorganization application，Will accept registration and declaration of claims from all creditors，Determine the 188bet online sports betting administrator，Organize all creditors to negotiate with the company，Organize and host the arrangements between creditors and the company for debt deferment/interest exemption or debt discount，Negotiate debt-for-equity swaps, etc.，Final consensus reached by voting，Creditors with a larger proportion of debt will receive greater voting rights。

According to the aviation and travel circle，In the past year，The working 188bet online sports betting has held no less than 30 meetings with HNA’s creditor banks，Collecting hundreds of opinions from the Debt Committee，The core is issues such as the debt repayment rate and debt extension，And incorporate the opinions into the risk resolution plan。This also means，Formulation of risk resolution plan，It is equivalent to deducing the negotiation process after entering the bankruptcy reorganization procedure。

Disclosed by a person close to the working 188bet online sports betting，The plan has gained understanding and support from relevant departments on the idea of ​​bankruptcy and reorganization，Introduced to most creditor institutions，Including settings for debt settlement and other plans，Has obtained the support of more than 80% of creditors，Considered to be a feasible implementation plan。But the signing of the specific agreement，You need to wait for the court to accept it，After entering the judicial process of bankruptcy and reorganization，Confirm the vote in accordance with judicial procedures。

The ultimate goal is to reduce debt (debt transfer、Stocks offset debts、Various methods such as extension and repayment of retained debt，The rights and interests of old shareholders will be adjusted and cleared accordingly)；Implementation of the plan to introduce new strategic investors (bringing new financial support to the company’s development)，Rebirth HNA 188bet online sports betting。Also adopt the strategy of “exchanging time for space”，Making HNA 188bet online sports betting a new HNA controlled by new shareholders composed of creditors and strategic investors。

Informed sources revealed，HNA 188bet online sports betting will still exist in the future，But it will become a stock participation and holding platform，Still retains certain shares in its aviation and other sector companies (for example, reduced to the second shareholder of HNA Holdings)，And continue to repay the debts that creditors agreed to defer in the following years。

How to redeem financial products?

Before this，Jubaohui、When the two platforms of Qianhai Shipping Exchange encounter difficulties，HNA 188bet online sports betting issued a letter of commitment to the society in the name of HNA 188bet online sports betting Co., Ltd.，Guaranteed to provide financial support for relevant redemption platforms，However, due to the large-scale liquidity crisis of HNA 188bet online sports betting and the superimposed impact of the epidemic，HNA 188bet online sports betting’s debt risk is further intensifying，Currently，HNA 188bet online sports betting is handling more than 1,000 investor lawsuits，The amount is hundreds of millions of yuan。

After entering bankruptcy and reorganization procedures，A special channel for reporting investors’ claims will be set up，To ensure that investors can declare their claims promptly and accurately。Disclosed by a person close to the working 188bet online sports betting，While developing risk solutions over the past year，The joint working 188bet online sports betting has defined financial products as stakeholder-sensitive claims，and specify a specialized solution，On the one hand, ensure the protection of investors’ rights and interests，On the other hand, it is also conducive to maintaining social stability，Ensure the smooth implementation of the overall plan。After entering bankruptcy and reorganization，The redemption of financial products will also be handled within the framework of the rule of law，The payment will be more fair and transparent，Also strive for more time and space for redemption。

What impact will 188bet online sports betting employees have?

According to the aviation and travel circle，After entering bankruptcy and reorganization，It will not affect the normal production and operation of the main aviation industry，HNA 188bet online sports betting will still first ensure the legitimate rights and interests of employees。About the relevant rights and interests of HNA 188bet online sports betting employees，There are the following guarantees:

1. Will continue to operate after the 188bet online sports betting begins，The labor contract between the employee and the company continues to be valid。

2. Stable employment，Continue to practice that employees are 188bet online sports betting’s most valuable asset。

3. Employees’ wages and statutory benefits are paid and paid on time.

Next step of the working 188bet online sports betting

According to the aviation and travel circle，The working 188bet online sports betting will proceed with the bankruptcy management team and HNA management team，The handling of the joint supervision plan and the stability of the company's internal management。

Before this，Gu Gang, leader of the working 188bet online sports betting, resigned as director and executive chairman of HNA 188bet online sports betting，The HNA 188bet online sports betting Party Committee was subsequently changed，Gu Gang was elected as the new Party Secretary of HNA 188bet online sports betting，At the same time, Wang Zhen was elected、Bao Qiqi、Liu Lu、Xu Huicai、Li Xianhua、Li Weijian、Gu Gang、Lu Xiaoming、HNA Party Committee composed of 9 people including Liao Hongyu，The new party 188bet online sports betting members include the chairman of HNA 188bet online sports betting’s various sectors and other members，More pragmatic and business-oriented。[Related: News丨Gu Gang takes up new position at HNA]

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However，HNA 188bet online sports betting’s risk mitigation work，There is still a long legal process and time to go，According to the aviation and travel circle，Except HNA 188bet online sports betting，About 60 companies under HNA 188bet online sports betting will also file for "bankruptcy and reorganization"，The debt of these companies is equivalent to about 60% of HNA 188bet online sports betting’s overall debt。

What is the fate of these companies and related listed companies，The aviation and travel circle 188bet online sports betting continue to report in the next few articles。

*Source of this article: WeiboTrust the public in the "travel circle"（airwefly），Author: Lingtong Xiaobagua，Original title: "Detailed explanation丨Applying for bankruptcy and reorganization, can 188bet online sports betting be saved?》.