DEBT-HEAVY Hainan Airlines Holding Singapore state investment company Temasek Holdings as part of a restructuring of HNA Group
DEBT-HEAVY Hainan Airlines Holding Singapore state investment company Temasek Holdings as part of a restructuring of HNA Group. The Haikou-based carrier is selling up to 20 per cent of its Shanghai-listed shares to 10 investors, the company said in a statement on June 9, reports Bloomberg News.
Proceeds from the sale will be used to fund plane purchases, aviation training, maintenance and airport business.
The stake sale announcement follows two months after Temasek and the indebted HNA group said they were exploring partnerships in areas including aviation, logistics and airport infrastructure.
Hainan Airlines' restructuring plans involve consolidation of HNA's various aviation assets under one umbrella and the carrier has said it is looking to buy stakes worth CNY10.5 billion in HNA subsidiaries engaged in related businesses.
