Hainan's HNA seeks investment toward bankruptcy restructuring
THE once high-flying Chinese transport conglomerate HNA Group is seeking strategic investors for its airline, airport and retail businesses after receiving court approval to include the giant as well as 320 of its related companies in a single bankruptcy restructuring case, reported Caixin
23 March 2021 - 19:00
HNA's decision in three separate announcements by its restructuring team, offers a glimpse at which parts of the conglomerate's sprawling business empire might survive restructuring as the company attempts to crawl out from under the heap of debt amassed during its global buying spree.
HNA's restructuring team said that would-be strategic investors will be required keep operations of the private conglomerate's core airline business unchanged.
Specifically, investors won't be allowed to sell any of HNA's airlines, such as Shanghai-listed Hainan Airlines whose stock has been slapped with 'special treatment' status, meaning it is in danger of being delisted.
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