HNA Group’s administrators have identified strategic investors for its airline and airport businesses. For its airline business, Liaoning Fangda Group Industrial Co. will be the investor and for its airport business, Hainan Development Holdings Co. will be the investor. Bloomberg reports that Hainan Airlines and HNA Infrastructure both plan to issue new shares to the investors for the repayment of debt with the draft restructuring plan subject to court approval. HNA’s restructuring was postponed last month as three state-backed carriers were reluctant to acquire a stake in HNA due to China’s aviation industry being hit hard by the pandemic.
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