Report by : Gan Yung Chyan, KUCINTA SETIA
According to news from Tianyan, on 28 January 2021, the civil ruling of the Intermediate People's Court of Zhengzhou City, Henan Province showed that the draft reorganization plan proposed by Henan Airlines in 2012 was approved.
Henan Airlines was formerly known as Kunpeng Airlines. On 16 May 2007, Shenzhen Airlines, Pingshan Company and Shanyue Company jointly funded Kunpeng Airlines. As of 24 October 2011, among the existing shareholders of Henan Airlines, Shenzhen Airlines holds 51% of Henan Airlines, Pingshan Company holds 25%, and Shanyue Company holds 24%.
On 24 August 2010, when Henan Airlines was executing the flight VD8387 from Harbin to Yichun, an aircraft crashed near Yichun Airport. A total of 44 people were killed and 52 people were injured in the crash, including 3 killed and 2 injured crew members. After the "8.24" air crash, the Central South Regional Administration of Civil Aviation of China requested Henan Airlines to suspend operations from 1 September 2010, and Henan Airlines' operations fell into a standstill. As of 27 October 2011, the investigation of the cause of the accident by the State Council’s Accident Investigation Team and the General Administration of Civil Aviation of the “8.24” air crash has not been completed, and Henan Airlines has not yet resumed its flight.
Because Henan Airlines could not pay off the debts due, the creditor Xi'an Xianyang International Airport Co., Ltd. applied to the court for a ruling of bankruptcy and repayment of Henan Airlines on 8 October 2011. From 4 November 2011, Henan Airlines has entered a restructuring period.
According to the reorganization plan, Henan Aviation Investment and Henan Zhenxiang are the restructuring parties of Henan Airlines. Among them, Henan Aviation Investment acquired 70% of Henan Airlines, and Henan Zhenxiang acquired 30% of Henan Airlines. Henan Aviation Investment was registered in Henan Industrial and Commercial Bureau on 29 August 2011, with a registered capital of 500 million RMB at the time of establishment and a paid-in capital of 500 million RMB. Business scope: investment in civil aviation passenger and cargo transportation, aviation infrastructure, logistics and trade, real estate, tourism and other related industries (the above scope requires approval and cannot operate without approval).
Henan Zhenxiang was registered and established with Henan Provincial Administration for Industry and Commerce on 23 September 2011, with a registered capital of 220 million RMB at the time of establishment and a paid-in capital of 29 million RMB. Its business scope includes project investment, investment consulting and information consulting.
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