HNA declared bankrupt
- BTN News
- Tuesday, 02 February 2021
The China-based and formerly all-powerful HNA Group has been declared bankrupt.
The diversified group controlled 14 airlines, had a global fleet of 900 aircraft and held shares in firms in a multitude of travel, tourism, logistics, finance and property verticals that made it one of the most prolific investors in the world.
In total, the group boasted more than 2,300 companies and 290,000 employees.
In a statement, HNA said that on January 29, 2021, it received a 'notice' from the Hainan Provincial Higher People’s Court informing it that creditors had applied "for bankruptcy and reorganisation of our group because our group could not pay off due debts".
HNA is believed to have assets of at least US$154.8 billion and around US$77.6 billion of debt.
HNA had 100 per cent ownership of, or has/had major shareholdings in, well-known names including the former Virgin Australia, Hilton Hotels, Gategroup, Servair,
Swissport, Seaco, Cronos, Red Lion Hotels, Azul Brazilian Airlines, Aigle Azur, the aircraft leasing firm Avolon, Deutsche Bank, Hong Kong Airlines, the International Currency Exchange, CIT Group's aircraft leasing business, Ingram Micro, SR Technics, Rezidor Hotel Group/Radisson and Tap Air Portugal. - JH