- September 27, 2021
- Posted by: Stratford Team
- Category: Business
The HNA Group logo is seen on the building of HNA Plaza in Beijing, China February 9, 2018. REUTERS/Jason Lee/File Photo
SHANGHAI, Sept 27 (Reuters) – Eleven entities belonging to embattled conglomerate HNA Group, including its flagship carrier, Hainan Airlines (600221.SS), will hold a creditor meeting on Monday, according to a document detailing its debt restructuring plan, seen by Reuters.
Under the plan, the 11 entities will be reorganised as a group and most of the group’s liabilities will be reduced via debt-to-equity swaps and shareholder repayments.
Creditors of the entities have reported that they are owed 397.2 billion yuan ($61.43 billion) of unpaid debt. Only 161.29 billion yuan of this has been recognised by the court and will enter the restructuring process.
Unsecured creditors who are owed no more than 100,000 yuan ($15,465.01) in principal debt will be repaid in full. Any debt above that level will be paid partly by HNA and other parties,…
