09.02.2021 - 17:26 UTC
Hainan Airlines Holding revealed in a disclosure on February 9 that it expects to restructure interest-bearing debts amounting to no less than CNY72.5 billion yuan (USD11.27 billion) by transferring them to affiliates, including HNA Group, in order to get them to repay.
“If the bankruptcy court accepts that the interests of listed small and medium-sized shareholders will not be harmed, the plan will be settled and the amount of 72.5 billion yuan transferred,” the Shanghai Stock Exchange filing said.
After its creditors applied for Hainan Airlines Holding’s bankruptcy and restructuring on January 29, the Hainan Airlines (HU, Haikou) parent pledged in the disclosure that it would put in place a plan to dispose of its debts.
If there is a problem in the implementation of the debt transfer plan, it added, then the government of China’s Hainan Province, where the company is based, will work with the relevant parties to resolve it.
Hainan Airlines Holding said in the filing that it had “fully communicated” with its creditors and that it had sent...