The Hainan High People’s Court has initiated bankruptcy reorganization proceedings against HNA Group for “failure to pay overdue debts” to creditors.
The latest move will not affect the aviation arm of the group, which comprises about 14 companies and 700 aircraft.
“On January 29, 2021, HNA Group received a formal notice from the Hainan High People’s Court,” the holding said in a statement. “The main content of the notice is: a creditor has filed an application for the initiation of reorganization procedure against our company, on [the] grounds that we cannot pay off due debts to the creditor.”
“Bankruptcy reorganization is an inevitable move for HNA to steadily promote risk resolution and to protect the company,” HNA party secretary Gu Gang said at a meeting of company staff on 29 January, as reported on the group’s WeChat.
It may be recalled that the HNA Group owns 2,300 companies and approached the province of Hainan for assistance in February 2020 after its own “self-rescue” efforts did not yield results. The province set up a working group to establish a clearer picture of the Group’s assets and debts and took over the running of the Group, which controls Hong Kong airlines, a few other mainland carriers and Hainan Airlines.
According to Bloomberg, the Chinese government intends to downsize the holding through the sale of all non-aviation assets via a trust. The group’s airline businesses would continue to operate as state-owned entities. The plan is to offer the Group’s creditors a stake in the aviation-only holding, or let them have a share of the proceeds from the trust-run sell-off.
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