HNA Group restructuring approved
Creditors of HNA Group have approved the company’s restructuring plan. Read More » The approval, first reported by Reuters based on a court comment posted on HNA’s official WeChat page on Saturday , was confirmed in a stock exchange filing by one of the company’s subsidiaries. A spending spree saw HNA rack up billions in debt as it acquired hotel chains and equity in Deutsche Bank. The company entered bankruptcy administration in February under the control of Hainan government but its excesses also attracted the attention of China’s national government. Last month, its chairman and chief executive, Chen Feng and Adam Tan, respectively, were taken into police custody on the Mainland. According to Reuters, the company will receive a strategic investment of 38 billion yuan (US$5.88 billion) after its restructuring which will go to 11 of its entities, including flagship carrier Hainan Airlines.