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BEIJING, Dec 8 (Reuters) – China’s HNA Team Co Ltd (HNAIRC.UL) stated it has transferred management of its main aviation enterprise, together with Hainan Airways Holding Co Ltd (600221.SS), to strategic trader Liaoning Fangda Team Industrial Co Ltd (BJFDAB.UL), productive Wednesday.
Gu Gang, an official appointed by the community authorities to solve yrs-very long financial debt chance at HNA, will no longer serve as the conglomerate’s Communist Party secretary as the reorganisation experienced designed progress, HNA said in a assertion on social media.
In the 2010s, HNA went on a $50 billion world acquisition spree, primarily fuelled by credit card debt, to construct an empire with stakes in corporations as diversified as Deutsche Lender AG (DBKGn.DE) to Hilton All over the world Holdings Inc (HLT.N).
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But its paying drew scrutiny from regulators at property and overseas. As issue grew about its mounting debt, it bought assets such as airport providers service provider Swissport and electronics distributor Ingram Micro to concentration on airlines and tourism.
Immediately after collectors filed a petition, a Hainan courtroom positioned HNA into personal bankruptcy administration, and in September, Hainan Airlines said Fangda Group would develop into a strategic trader.
Fangda Team is a conglomerate concerned in carbon, steel and pharmaceutical sectors, with mentioned units these types of as Fangda Carbon New Materials Co Ltd (600516.SS), Fangda Unique Metal Technological know-how Co Ltd (600507.SS) and Northeastern Pharmaceutical Team Co Ltd (000597.SZ).
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Reporting by Stella Qiu and Brenda Goh Enhancing by Jacqueline Wong and Christopher Cushing
Our Criteria: The Thomson Reuters Belief Principles.