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Hainan Airlines Holding is planning to raise $7.9bn via an issuance of new shares to reduce its financial burden, as per an exchange filing. The carrier is expected to sell 16.4bn shares, of which 12bn shares will be gifted to creditors at RMB 3.18/share to eliminate debt while the remaining 4.4bn shares will be sold to strategic investors at RMB 2.8/share. This is the latest effort by the debt-laden conglomerate HNA Group to shore up funds to repay debt and focus on its core airline business as it undergoes restructuring. The news comes about two months after the company announced strategic investors Liaoning Fangda Group Industrial Co. and Hainan Development Holdings Co. coming for its airline and airport businesses respectively. Hainan Airlines reported a Q3 loss of RMB 2.56bn ($402mn) in October, a tad lower than its Q3 loss of RMB 3.8bn ($596mn) the previous year.

Related company HK Airlines’ flat trading 15.758% Perps are currently trading at 24 cents on the dollar.

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