Hainan Airlines to transfer USD11bn debt to affiliates

Hainan Airlines announced (09-Feb-2021) plans to transfer interest bearing debts worth up to CNY72.5 billion (USD11.3 billion) to affiliates including HNA Group to let them repay. Hainan Airlines said the move was part of a plan to dispose of its debts after its creditors applied for the company's bankruptcy and restructuring at the end of Jan-2021. The carrier stated 147 of the 203 members of the creditors' committee, which holds 81.24% of the total debt, have agreed to its plan. [more - original PR - Chinese]