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Hainan Airlines secures court approval for restructuring
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Embattled HNA Group gets funding boost; airline units mull merger
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In operation
Underwent voluntary administration in 2020; now operating under new owners
One of its first major aviation acquisitions happened in 2006, when it ventured into neighbouring Hong Kong to buy up shares in what was then known as CR Airways. HNA Group ended up taking around 60% of the carrier, and it was renamed Hong Kong Airlines. The strategy was to expand its presence in Hong Kong, connecting the city with points in China and beyond.
The same year, HNA Group also acquired shares in Hong Kong Express, which was operating a small fleet of regional jets. The new ownership paved the way for it to be rebranded as a low-cost carrier – and sister unit to Hong Kong Airlines.
HNA Units Say $10 Billion in Funds Misused by Shareholders
Bloomberg 2/1/2021 Bloomberg News © Bloomberg A Boeing Co. 737 Max 8 aircraft operated by Hainan Airlines Holdings Co. stands at Haikou Meilan International Airport in Haikou, Hainan province, China, on Tuesday, March 26, 2019. China suspended a certificate of airworthiness for Boeing s 737 Max jet, saying it needs to review a proposed modification before determining whether the plane is safe to fly after two recent crashes.
(Bloomberg) Three listed companies of China’s HNA Group Co. said shareholders and affiliates misappropriated at least 63 billion yuan ($9.8 billion) of funds, deepening the woes of the indebted conglomerate that’s set to be restructured.
BW Businessworld
Creditors Seek Bankruptcy Of China s Once High-Flying HNA
HNA Group said in a WeChat post on Friday it had been notified by a Hainan court that its creditors had acted because it was unable to pay its debts. It said it would cooperate with the court.
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Creditors of China s HNA Group have applied to a Chinese court for the company to be placed in bankruptcy and restructured, potentially giving a fresh start for the remaining assets of the once-highly acquisitive conglomerate.
HNA Group said in a WeChat post on Friday it had been notified by a Hainan court that its creditors had acted because it was unable to pay its debts. It said it would cooperate with the court.
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