The administrators of HNA Group’s debt restructuring program have decided on strategic investors for the Chinese conglomerate’s airline and airport businesses.
Liaoning Fangda Group Industrial Co. will be the strategic investor for HNA’s airline business while Hainan Development Holdings Co. will invest in its airport business, according to exchange filings by Hainan Airlines Holding Co. and HNA Infrastructure Investment Group Co.
Hainan Airlines and HNA Infrastructure both plan to issue new shares to the investors and for the repayment of debt. The draft restructuring plan is subject to the approval of a Chinese court.
Hainan Airlines will hold its second creditors’ meeting to review the restructuring plan on Sept. 27, and HNA Infrastructure’s creditors’ meeting will be convened the next day, according to statements to the exchange.