Home > > HNA Group says it has ‘reached the point of life and death’ amid pandemic

HNA Group says it has ‘reached the point of life and death’ amid pandemic

04/20/2020| 6:22:54 PM|

HNA said the finance department has not followed the requests of the company to carry out smooth communication with its investors.

Chinese air carrier HNA Group announced via social media that it had “reached the point of life and death,” due to the revenue impact from the coronavirus, according to the Financial Times.

“This is a big test for all HNA employees. Now HNA has reached the point of life and death,” it wrote in an unsigned letter posted to its official Chinese social media account that was translated by the Financial Times.

HNA Group is the owner of Irvine, Calif.-based IT distributor Ingram Micro.

The letter was also critical of its own finance department, just one day after the company had to quiet another kerfuffle over delaying payment of its bonds. The heavily indebted HNA Group had a Beijing-appointed executive chairman, Gu Gang, named to oversee its liquidity issues in February, the Financial Times said.

“The finance department has not followed the requests of the company to carry out smooth communication with its investors, doing its work hastily and without sincerity,” the HNA letter said. “Gu Gang emphasized that HNA’s problems accumulated over time and it is indeed difficult to solve the problems overnight,” the letter read.

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