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Hainan Airlines will transfer $11.24 billion in debts to affiliates

02/13/2021| 4:37:41 PM|

The move was part of a plan to dispose of the company's debts after its creditors applied for the company's bankruptcy and restructuring late last month.

Hainan Airlines, the flagship airline under the indebted Chinese conglomerate HNA Group, plans to transfer debts worth up to 72.5 billion yuan ($11.24 billion) to affiliates including HNA Group to let them repay, it said in a statement to the Shanghai stock exchange on Tuesday.

The carrier said the move was part of a plan to dispose of its debts after its creditors applied for the company's bankruptcy and restructuring late last month.

Hainan Airlines is operating normally and could draw in new investors despite a bankruptcy filing, embezzlement charges and large asset impairments for the carrier last week, some analysts said.

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TAGS: Hainan Airlines | HNA Group | bankruptcy
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