{"id":6909,"date":"2019-12-03T21:02:25","date_gmt":"2019-12-04T03:02:25","guid":{"rendered":"http:\/\/planesintheair.com\/?p=6909"},"modified":"2019-12-03T21:02:25","modified_gmt":"2019-12-04T03:02:25","slug":"chinas-cash-strapped-hna-secures-restructuring-deal","status":"publish","type":"post","link":"https:\/\/planesintheair.com\/?p=6909","title":{"rendered":"China\u2019s Cash-Strapped HNA Secures Restructuring Deal"},"content":{"rendered":"\n

HONG KONG, Dec 2 (Reuters) – Cash-strapped Chinese conglomerate HNA Group said on Monday it has agreed a deal to restructure its low-cost carrier West Air with a Chongqing-based asset management firm.<\/p>\n\n\n\n

Chongqing Yufu Asset Management Group and its affiliates will together hold at least 70% stake in West Air, becoming the biggest shareholder, HNA said in a statement.<\/p>\n\n\n\n

West Air, established in 2007, operates about 160 domestic and international routes with a fleet of 35 airplanes.<\/p>\n\n\n\n

It has been directly controlled by HNA, whose affiliates also own struggling Hong Kong Airlines as well as Hainan Airlines Holding Co Ltd.<\/p>\n\n\n\n

Budget carrier Hong Kong Airlines was ordered by Hong Kong\u2019s air transport regulator on Monday to shore up its financial position by Dec. 7 or risk the suspension or loss of its licence.<\/p>\n\n\n\n

Hainan Airlines, which has seen declining profits, said in a Shanghai stock exchange filing on Monday that it will seek 4 billion yuan ($568 million) in loans from eight banks led by China Development Bank.<\/p>\n\n\n\n

The funds will be used to cover the costs of fuel, maintenance charges, staff salaries and operational expenses, it said in the filing.<\/p>\n\n\n\n

$1 = 7.0389 Chinese yuan renminbi<\/p>\n\n\n\n

Reporting by Meg Shen; Editing by Edmund Blair and Susan Fenton<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"

Cash-strapped Chinese conglomerate HNA Group said on Monday it has agreed a deal to restructure its low-cost carrier West Air with a Chongqing-based asset management firm. Chongqing Yufu Asset Management Group and <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[797,7890,89,5637,6117,5992,2203,4957,5676,868,1103],"tags":[8077,539,118,1341,5434,160,887,3945,5697,1190,1925,2234,446,1558,604,6509,1924,447,2020,2283,2245,2514,1269,1483,745,3694,744,2858,199,2859,2156,3759,1923,2077,412,5376,3871,8986,6933,3711,1288,719,8983,727,2268,1594,2855,8984,6138,1691,1658,3605,5902,8985],"class_list":["post-6909","post","type-post","status-publish","format-standard","hentry","category-airline-news","category-asia-news","category-aviation-news","category-business-news","category-china-news","category-economic-news","category-finance-news","category-global-politics","category-international-news","category-transportation-news","category-travel-news","tag-agreed","tag-air","tag-airlines","tag-airplanes","tag-asset","tag-aviation","tag-bank","tag-based","tag-biggest","tag-budget","tag-carrier","tag-cash","tag-china","tag-chinese","tag-chongqing","tag-conglomerate","tag-cost","tag-deal","tag-development","tag-domestic","tag-exchange","tag-financial","tag-firm","tag-fleet","tag-group","tag-hainan","tag-hna","tag-hong","tag-international","tag-kong","tag-licence","tag-loss","tag-low","tag-management","tag-news","tag-position","tag-regulator","tag-renminbi","tag-restructure","tag-restructuring","tag-reuters","tag-routes","tag-secures","tag-shanghai","tag-shareholder","tag-shore","tag-stake","tag-strapped","tag-suspension","tag-transport","tag-transportation","tag-west","tag-yuan","tag-yufu"],"_links":{"self":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/6909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6909"}],"version-history":[{"count":1,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/6909\/revisions"}],"predecessor-version":[{"id":6911,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/6909\/revisions\/6911"}],"wp:attachment":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}