HNA Group: Creditors file for restructuring bankruptcy in court
HNA Group:
HNA Group received “a notice from the Hainan High Court regarding the procedure filed by the creditor.”
Business continuity under certain management:
“Procedures to continue the business and repay the debt under certain control without liquidating the company immediately”.
In the future, the company and creditors will consult with each other under the court, and the court will deliberate and decide whether or not to implement it.
HNA Group will actively proceed with debt processing.
He commented that he would protect the rights of creditors and maintain smooth corporate activities.
HNA Group is a conglomerate:
In the 2010s:
Invested in Deutsche Bank and a major US hotel to rapidly expand its business scale.
But 2017:
Chinese authorities strengthen supervision of overseas acquisition companies.
The business model that relied heavily on borrowing got stuck.
Nihon Keizai Shimbun
https://www.nikkei.com/article/DGXZQOGM29AWA0Z20C21A1000000/
HNA Group, creditors file for bankruptcy in court
HNA Group
The HNA Group is a conglomerate centered on Hainan Airlines.
Swissport,
Hilton Worldwide,
Radisson Holdings,
Gategroup etc.
With the rapid expansion of business due to the acquisition, debt increased significantly and management deteriorated.
TRAICY
https://www.traicy.com/posts/20210129197243/
HNA Group Co., Ltd. Statement
http://www.hnagroup.com/en-us/news/hna-group-co-ltd-statement/
Platinum Equity Near $7 Billion Deal for HNA’s Ingram Micro – Bloomberg