Stay updated with breaking news from கு கும்பல். Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
By Addison Gong 01 Feb 2021 In this round-up, China’s official and the Caixin manufacturing Purchasing Managers’ Indexes fall amid a resurgence of local Covid-19 infections, creditors demand a bankruptcy reorganisation of beleaguered conglomerate HNA Group, and Xiaomi Corp files a lawsuit against the US’s decision to add it to a list of Chinese companies with alleged military ties. China’s official January manufacturing Purchasing Managers’ Index (PMI) came at 51.3, down from December’s 51.9, with non-manufacturing PMI dropping to 52.4 from 55.7 the previous month, latest data from the National Bureau of Statistics showed. The official manufacturing PMI reading reached a three-year peak of 52.1 in November 2020. ....
By Kane Wu and Brenda Goh HONG KONG/SHANGHAI (Reuters) – 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. HNA, whose flagship business is Hainan Airlines, used a $50 billion global acquisition spree, mainly fuelled by debt, to build an empire with stakes in businesses from Deutsche Bank to Hilton Worldwide. ....
Chinese Conglomerate HNA Group Slumps Into Bankruptcy The parent of Hainan Airlines is looking to restructure its debts and shed non-core subsidiaries after coming under government control. One of China s most aggressive buyers of overseas businesses says it is bankrupt, and will seek reorganizing. Shares of affiliates of the HNA Group have slumped on Monday as a result. HNA, the parent of the Chinese carrier Hainan Airlines, says it has received a formal notice from Hainan High People s Court, in which a creditor has filed for the reorganization of the company because it cannot pay off its debts. The subsidiaries Hainan Airlines, HNA Infrastructure and CCOOP also said on Saturday that US$9.6 billion has been embezzled by shareholders and other related parties, according to Reuters. The companies gave no further details, but the announcement sets up the prospect of criminal retribution against the former owners and managers of the companies. It s common pra ....
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. ....
BW Businessworld Creditors Seek Bankruptcy Of China s Once High-Flying HNA HNA Group said in a WeChat post on Friday it had been notified by a Hainan court that its creditors had acted because it was unable to pay its debts. It said it would cooperate with the court. Photo Credit : Creditors of China s HNA Group have applied to a Chinese court for the company to be placed in bankruptcy and restructured, potentially giving a fresh start for the remaining assets of the once-highly acquisitive conglomerate. HNA Group said in a WeChat post on Friday it had been notified by a Hainan court that its creditors had acted because it was unable to pay its debts. It said it would cooperate with the court. ....