Global EditionASIA 中文雙語Fran?ais
    Business
    Home / Business / latest news

    HNA risk resolution efforts gain traction

    By Wang Zhuoqiong | chinadaily.com.cn | Updated: 2021-01-22 23:17
    Share
    Share - WeChat

    Conglomerate HNA Group, the parent company of Hainan Airlines, has achieved considerable progress in resolving its liquidity risks, reflected mostly in its efforts to ensure the safety and stability of its overseas assets, financial status and employee welfare, a year after it approached the provincial government for assistance, according to a statement from HNA.

    HNA said on Friday that it has reversed the negative impact from the liquidity risks and the global COVID-19 pandemic.

    At present, a working group has completed its due diligence work and has formulated a risk resolution plan based on legalization and marketization, said the statement.

    The debt-ridden airline group asked the Hainan province for assistance last February after its "self-rescue" efforts failed to completely resolve the risks. The provincial government formed a joint working group, led by Gu Gang, chairman of the board of Hainan Development Holdings Co Ltd and Ren Qinghua, director-general of the Administration Committee of the Yangpu Economic Development Zone.

    Both Gu, now executive chairman and board member of HNA, and Ren, current co-CEO and board member of the group, had resigned from their current positions at HNA to help better assist the next phase of risk resolution work, according to the statement.

    But they will remain as head and deputy head of the joint working group, which will continue to manage HNA, said the statement.

    The working group helped HNA in its efforts to restore employee confidence and in the talks with creditors. By June, HNA had cleared the 2019 salary arrears of all the frontline employees.

    At the same time, the working group also spent months streamlining the shareholding structure for the nearly 2,300 enterprises under HNA Group. It is also the first time that there is a clear picture of HNA's assets and debts, said an HNA official who declined to be identified.

    The group has completed its overseas assets disposal, resolved major capital risks, protected the interests of creditors and ensured the safety of its overseas assets, according to the working group. Among them, Swissport International Ltd, which provides airport ground services globally, has undergone restructuring. HNA has also signed a contract to sell Ingram Micro, which offers global technology and supply chain services, according to the working group.

    The group's financial situation has basically stabilized, as it has gradually and orderly carried out allocations for noncore businesses, said the working group. HNA has alleviated its liquidity situation through relief funds, bond financing and bond restructuring.

    By the end of December, Hai-nan Airlines' daily flight volume had returned to 90 percent of the levels in 2019. The transportation volumes at the three airports in Hainan province have also risen steadily. More than 2,700 Hainan Airlines passenger aircraft were converted into cargo flights since the COVID-19 outbreak, spurring an increase in airfreight businesses.

    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    CLOSE
     
    亚洲精品无码高潮喷水在线| 无码视频在线播放一二三区| 无码任你躁久久久久久老妇| 最近中文字幕大全2019| 精品国产毛片一区二区无码| 一本加勒比HEZYO无码人妻| 日韩精品中文字幕无码一区| 国产成人精品无码免费看| 亚洲国产精品成人精品无码区| 日本免费中文视频| 亚洲无码日韩精品第一页| 久久av无码专区亚洲av桃花岛| 国产成人无码AV麻豆| 亚洲日韩v无码中文字幕| 国产亚洲情侣一区二区无码AV | 国产精品无码午夜福利| 蜜桃无码AV一区二区| 中文字幕一二三区| 精品久久久无码人妻中文字幕豆芽 | 精品一区二区无码AV| 少妇伦子伦精品无码STYLES| 中文字幕无码一区二区免费| 一区二区中文字幕| 中文字幕人妻无码一区二区三区 | 国产乱码精品一区二区三区中文 | 中文字幕国产精品| 人妻少妇看A偷人无码精品| 久久国产精品无码一区二区三区 | 精品人妻系列无码天堂| 亚洲AV无码专区在线播放中文| 免费一区二区无码东京热| 日韩人妻无码精品无码中文字幕| 婷婷综合久久中文字幕| 久久久久亚洲精品中文字幕 | 最近中文字幕完整版免费高清 | 亚洲日韩AV一区二区三区中文| 久久ZYZ资源站无码中文动漫| 国产精品中文字幕在线观看| 日本久久久精品中文字幕| a亚洲欧美中文日韩在线v日本| 中文字幕日本在线观看|