HNA Units Make Plans to Claw Back $17 Billion Misused Funds
Bloomberg 2/10/2021 Shirley Zhao and Daniela Wei
(Bloomberg) Three listed units of China’s indebted HNA Group Co. announced plans to recoup at least 112 billion yuan ($17 billion) of misused funds, undisclosed debt guarantees and questionable investments by its major shareholders and their affiliates.
Popular Searches
Flagship Hainan Airlines Holding Co. will ask its parent to repay part of its debt while two other group firms are paring the stake held by their controlling shareholders. The carrier will transfer interest-bearing debts of at least 72.5 billion yuan to HNA and HNA Aviation Group Co., holding them responsible for the wrongdoings, according to a Feb. 9 exchange filing. The plan has been endorsed by the majority of its creditors, the filing said.
(Feb 10): Three listed units of China’s indebted HNA Group Co announced plans to recoup at least 112 billion yuan (US$17 billion) of misused funds, undisclosed debt guarantees and questionable investments by its major shareholders and their affiliates.
Flagship Hainan Airlines Holding Co will ask its parent to repay part of its debt while two other group firms are paring the stake held by their controlling shareholders. The carrier will transfer interest-bearing debts of at least 72.5 billion yuan to HNA and HNA Aviation Group Co, holding them responsible for the wrongdoings, according to a Feb 9 exchange filing. The plan has been endorsed by the majority of its creditors, the filing said.