Bankrupt HNA Secures Strategic Investors for Airline, Airport Businesses
Debt-ridden conglomerate HNA Group Co. Ltd. has finally secured strategic investors for its airline and airport businesses, seven months after it formally began restructuring as part of bankruptcy proceedings.
Liaoning Fangda Group Industrial Co. will take a stake in the airline business, and Hainan Development Holdings Co. will snap up a chunk of the airport unit, according to a notice (link in Chinese) released by HNA Sunday. The deals cover two Shanghai-listed companies — Hainan Airlines Holding Co. Ltd. (600221.SH) and HNA Infrastructure Investment Group Co. Ltd. (600515.SH).
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