BEIJING/SHANGHAI, March 2 (Reuters) – Shares in HNA Group-controlled companies rose on Monday after the Chinese aviation and tourism conglomerate said it had asked the government to help it resolve liquidity risk caused by the coronavirus outbreak which has put heavy pressure on the airline industry.
HNA directly owns or holds stakes in a number of local Chinese carriers, which have suffered in recent weeks from widespread flight cancellations and plummeting demand.
Hainan Airlines Holding Co Ltd, the flagship of HNA Group Co Ltd, rose by over 3% by 0400 GMT, while HNA Technology Investments Holdings Ltd surged nearly 40%.
Other units such as HNA Investment Group Co Ltd and HNA Technology Co Ltd also saw their prices climb.
HNA Group said on Saturday it had asked the Hainan provincial government to lead a working group as it was not able to deal with the liquidity risk itself.
The group had acknowledged liquidity issues before the coronavirus outbreak started. In December, Chairman Chen Feng said HNA had faced cash flow shortage that forced it to delay salary payments.
Its Saturday announcement has driven heavy discussion in China on whether there will be a carving up of its assets.
Two weeks ago, HNA-related shares likewise rose on a media report that said China’s government planned to take over the debt-laden conglomerate.
“The implementation of a government acquisition would be challenging as HNA’s structure is complex,” Warut Promboon, head of credit research at Bondcritic, said on Monday. “Overall, it is credit positive. HNA has grown too fast and is too big that it needs to be broken down. The restructuring will be best under the state support.”
Major upgrade adds option to load instrument procedures, customized holds and more
Garmin International, Inc., a unit of Garmin Ltd. (NASDAQ: GRMN), today announced the addition of new features within the Garmin Pilot™ app that incorporate professional IFR navigation tools found within Garmin avionics. Pilots can experience a near-seamless transition between Garmin avionics and the Garmin Pilot app when performing common functions, such as loading and activating instrument approach procedures, departures and arrivals within the Americas. Additional features such as a visual procedure selector, custom holding patterns and more, give pilots convenient access to advanced tools all within a mobile app.
Vertical planning within Garmin Pilot (Photo: Business Wire)
“Leveraging technologies found within Garmin avionics and flight decks, we’re excited to bring this game-changing update to Garmin Pilot customers,” said Carl Wolf, vice president of aviation sales and marketing. “This upgrade gives pilots the ability to load complex routes and procedures into the app just as they would within a Garmin integrated flight deck, offering added convenience, time savings and confidence when transitioning between multiple Garmin products in the cockpit.”
Professional IFR navigation tools
Within the latest Garmin Pilot upgrade, pilots have the option to load or activate departures, arrivals and instrument approach procedures. Published holds that are included as part of the missed approach are also added to the flight plan. When pilots activate a procedure with published altitude constraints, those altitudes are automatically incorporated into a flight plan within the app. Pilots can also choose to manually add altitude constraints into a flight plan. Additionally, approach procedures with radius-to-fix (RF) legs can be activated within Garmin Pilot.
Using the vertical planning feature within Garmin Pilot, pilots can more easily input and adhere to crossing restrictions in a flight plan. For example, pilots can manually input a crossing restriction over a specific navigational aid or GPS waypoint. With these new features, pilots can optimize their flight planning and fuel calculations.
Visual procedure selector
Pilots can now more easily visualize departures, arrivals and instrument approach procedures prior to a flight using the visual procedure selector. This new selector allows pilots to simultaneously view departures, approaches or arrivals on a map alongside a flight plan so it’s easier to visualize and select the most appropriate procedure based on a flight plan and intended direction of flight.
Customized holding procedures
Pilots now have the flexibility to easily build customized holding patterns. These holds may be created over an existing fix or over a user-defined waypoint and then inserted into a flight plan. When creating a hold, pilots can easily input an inbound or outbound course, select left or right turns and specify leg length in time or distance. Unpublished holds or those assigned by air traffic control are easily created and displayed within Garmin Pilot to simplify the process of visualizing and flying a holding pattern.
Worldwide route data packages
Route data packages within Garmin Pilot help to ensure pilots have downloaded all of the data required for a flight plan. Once a flight plan is entered, pilots can review the data that is downloaded to their mobile device. If information is missing for a particular flight, Garmin Pilot displays an option to download additional data. Route data packages are also available worldwide to help ensure pilots have all of the data they need prior to every flight. Databases that are included within the worldwide route data packages include navigation data, instrument approach procedures, SafeTaxi®, terrain, obstacles and more.
The newest release of Garmin Pilot on Apple mobile devices is available immediately. For new customers, Garmin Pilot is available in the Apple App Store as a free download for the first 30 days. After the 30-day trial period, customers may purchase an annual subscription of Garmin Pilot starting at $79.99. Garmin Pilot is supported by Garmin’s award-winning aviation support team, which provides 24/7 worldwide technical and warranty support. Visit www.garmin.com/aviation for additional information.
