Provided by Dow Jones
By Preetika Rana Airbnb Inc. posted a steep fourth-quarter loss in its first earnings as a public company, as costs tied to its market debut capped a year in which the coronavirus pandemic ravaged the travel industry. The home-sharing company reported a $3.9 billion loss in the three months through December, which included a charge of $2.8 billion for stock compensation tied to its initial public offering during the quarter. That compared with a loss of $351 million in the same period a year earlier. The latest loss brought the company s full-year deficit to $4.6 billion, more than its losses in the previous four years combined. The loss exceeded the average forecast of analysts surveyed by FactSet.
Cover Story: HNA Group’s Final Crisis
The final crisis for China’s formerly high-flying
HNA Group Co. Ltd. began unfolding two weeks before the Lunar New Year holidays.
Creditors of HNA and its three core listed companies petitioned a court to order a
bankruptcy restructuring after the giant conglomerate failed to repay trillions of yuan in debts. The reorganization may involve as many as
500 companies in a sprawling enterprise that at its peak tallied 1.2 trillion yuan ($171 billion) of assets.
As one of China’s biggest bankruptcy cases, the restructuring will bring to a close the HNA chapter in a freewheeling era when Chinese conglomerates including Anbang Insurance, Fosun Group and Dalian Wanda went on a global spree of buying up trophy assets using heavy borrowings. HNA was one of the most aggressive of China’s deal-making companies. Plowing more than $50 billion into assets ranging from golf courses to duty free shops and landmark hotels across six continents, H
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