HNA Group insolvent
Already in financial difficulties before the onset of the corona pandemic, the Chinese conglomerate HNA is now insolvent.
Among others, HNA owns Hainan Airlines, whose operations, according to observers, will not yet be affected by this announcement, Suparna Airlines, which has its main focus on the cargo business, and 82.5% of Frankfurt-Hahn airport in southwest Germany.
HNA is one of China’s largest privately-owned groups. Just over a year ago, HNA had essentially been placed under the control of the Chinese state. Under pressure from Beijing to reduce its enormous debts, the HNA group had gradually been selling off its shares abroad.
As part of this development, Swissport completed its financial restructuring in December 2020, after having been part of HNA for four years. (ah)