比恒大还惨！中国第二大民企轰然倒塌，负债7500亿，创始人被抓

Core Insights - HNA Group, once a prominent private enterprise in China, has faced a rapid downfall due to overwhelming debt, with total liabilities reaching 1.1 trillion yuan and ordinary debts at 750 billion yuan, leading to significant employee layoffs and losses for creditors [1][9]. Company Background - HNA Group was founded by Chen Feng, who started with a mere 10 million yuan in 1990 to establish Hainan Airlines, which later expanded through aggressive acquisitions in various sectors, including real estate and finance, resulting in assets exceeding 1.6 trillion yuan by 2017 [3][5]. - The company relied heavily on high leverage for its expansion, with a debt ratio exceeding 90%, which ultimately contributed to its financial instability [3][5]. Financial Decline - In 2018, HNA Group's stock price plummeted, leading to a significant loss of market capitalization, and by the end of that year, its debts surpassed 800 billion yuan [7]. - The COVID-19 pandemic severely impacted the aviation industry, exacerbating HNA's financial troubles, prompting the company to seek debt restructuring in early 2020 [7][9]. Bankruptcy and Restructuring - HNA Group's bankruptcy proceedings became the largest in Chinese history, involving 63 subsidiaries and over 1 trillion yuan in confirmed debts, with a restructuring plan approved by the court in October 2021 [9][12]. - The restructuring plan included a debt-to-equity swap for 40 billion yuan and a cap on ordinary debts at 100,000 yuan, with some operations sold to other companies [9][12]. Legal Consequences - Following the bankruptcy, Chen Feng was arrested and later sentenced to 12 years in prison for multiple financial crimes, highlighting issues of fund mismanagement and misuse of company resources [11][12]. - The case revealed systemic problems within HNA Group, including concentrated financial management and significant related-party transactions [11]. Comparison with Evergrande - HNA Group's situation is considered more severe than that of Evergrande, as its rapid decline occurred within four years, while Evergrande's debt issues have been prolonged, with government interventions aiding in the resolution process [12].