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Hainan Airlines to transfer USD11bn debt to affiliates
Hainan Airlines announced (09-Feb-2021) plans to transfer interest bearing debts worth up to CNY72.5 billion (USD11.3 billion) to affiliates including
HNA Group to let them repay. Hainan Airlines said the move was part of a plan to dispose of its debts after its creditors applied for the company s bankruptcy and restructuring at the end of Jan-2021. The carrier stated 147 of the 203 members of the creditors committee, which holds 81.24% of the total debt, have agreed to its plan. [more - original PR - Chinese]
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(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.