In Germany, the Chinese company HNA also got on board at the Hahn regional airport.
(Photo: dpa)
Shanghai The creditors of the insolvent Chinese aviation and tourism conglomerate HNA Group have approved a recovery plan. According to court documents released by HNA on Saturday, the group is expected to receive 38 billion yuan in strategic investments after restructuring. That corresponds to more than five billion euros. The money should flow to eleven companies in the group, including the airline Hainan Airlines.
For years, HNA had been on an international shopping spree worth billions, mostly financed with loans. The group had invested in companies from the Hilton hotel chain to Deutsche Bank. By mid-2019, HNA had amassed 707 billion yuan in debt. In January of this year, the conglomerate collapsed under the burden of debt. The top management was arrested in September. According to an insider, the number of creditors is more than 67,000.
In Germany, HNA boarded the Hahn regional airport, which in turn filed for bankruptcy in October.