HNA seeks help from Hainan government as coronavirus outbreak imperils highly leveraged group’s debt workout
- Details
- Category: Covid and Finances
- Created: Friday, 01 May 2020 12:34
- Written by South China Morning Post
HNA Group, one of the biggest asset acquirers to emerge from China in the past decade, has sought the help of the Hainan provincial authorities to manage its liquidity, as the country’s coronavirus outbreak deterred travelling and imperilled the company’s debt workout plan.
HNA’s liquidity will be managed by a working committee comprising representatives from the Hainan government units, the country’s civil aviation administrator and China Development Bank, according to the company’s statement released on Saturday.
The board of directors of the Haikou-based conglomerate was reconstituted to make way for two new members. Gu Gang, chairman of state-owned Hainan Development Holdings, was appointed executive chairman of HNA, while Ren Qinghua, director of the Hainan Yangpu Economic Development Zone, was appointed co-chief executive. Co-founder Chen Feng would stay on as chairman, while Adam Tan Xiangdong continues as chief executive alongside Ren, HNA said.
