HNA files for bankruptcy, reorganization By WANG ZHUOQIONG | CHINA DAILY | Updated: 2021-01-30 08:20 Share CLOSE Hainan Airlines Airbus commercial passenger aircraft is pictured in Colomiers near Toulouse, France, Nov 26, 2018. [Photo/Agencies]
HNA Group, the parent company of Hainan Airlines, has applied for bankruptcy and reorganization after a long period of financial struggles.
The conglomerate said it has received notice from the Hainan High People s Court that creditors had sought the company s bankruptcy and restructuring due to failure to repay debts.
HNA said it will cooperate with the court s review, push forward debt restructuring. It will also support the court s efforts to protect the legitimate rights and interests of the creditors and ensure normal operations of the company.
By Alfred Chua2021-01-29T11:22:00+00:00
HNA Group will undergo a business reorganisation after creditors filed for its bankruptcy.
The group, one of China’s largest conglomerates with interests mainly in the aviation and tourism sectors, discloses that it received formal notice of the filing from the Hainan High People’s Court on 29 January.
Source: FlightGlobal file photo
Hainan Airlines is owned by the beleaguered HNA Group.
Creditors have ”filed an application for the initiation of reorganisation procedures against our company, on grounds that we cannot pay off due debts”, HNA Group discloses.
It adds that it will comply with legal instructions and “promote debt disposition actively”, while ensuring that businesses under its holding continue to operate as usual.