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Beleaguered HNA Group seeks investors for aviation assets
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THE chairman of Dublin-based aircraft leasing giant Avolon – HNA joint chief executive Adam Tan – has stepped down from the role to assist the re-organisation of the troubled Chinese conglomerate.
HNA is an indirect shareholder in Avolon. Bohai Leasing owns 70pc of Avolon, while HNA owns just over 52pc of Bohai.
HNA is facing bankruptcy after a years-long spending spree that saw it splash out tens of billions of euro on a range of assets.
It owns Hainan Airlines, considered HNA’s flagship business.
Three units of HNA claimed recently that about €8bn had been embezzled by shareholders.
Bohai Leasing acquired Avolon in 2016 as a flood of Chinese money entered the aircraft leasing market. A 30pc stake in Avolon was bought by Japanese financial services group Orix in 2018.
China’s HNA eyes private investors to help it emerge from bankruptcy
The HNA Group Co. building stands in Beijing, China, on Wednesday, Aug. 9, 2017. Photographer: Qilai Shen/Bloomberg via Getty Images
February 1, 2021
China‘s embattled HNA Group is looking for private investors to help it emerge from bankruptcy, a person with knowledge of the matter said, but bankers and analysts say restructuring may be challenging due to its debt pile and opaque corporate structure.
The creditors’ move to file for bankruptcy came after HNA was put under a restructuring exercise led by the Hainan government to resolve its liquidity risks stemming from years of aggressive acquisitions abroad.
3 Min Read
(Reuters) - Hainan Airlines Holding Co Ltd, HNA Group’s flagship firm, is operating normally and could draw in new investors despite a bankruptcy filing, embezzlement charges and large asset impairments for the carrier last week, some analysts said.
FILE PHOTO: A Hainan Airlines Airbus commercial passenger aircraft is pictured in Colomiers near Toulouse, France, November 26, 2018. REUTERS/Regis Duvignau
A strong route network, high brand value and an experienced management team as well as restructuring efforts by China’s No. 4 carrier, were among the reasons cited.
HNA units, including the airline, will spend this year negotiating to bring in strategic investors, an HNA Group executive told Reuters. The executive was not authorised to speak publicly on the matter and declined to be identified.
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