Shanghai: Grand China Logistics has reached a preliminary reconciliation with Huarong Financial Leasing Company on the financial disputes between the two companies.
Huarong Financial Leasing sued several HNA affiliated companies including Grand China Logistics this week on an RMB600m dispute over four financial leasing vessel deals it had with Grand China Logistcs.
An official from Grand China Logistics said the company is negotiating with Huarong proactively and the two companies have reached a preliminary reconciliation. According a judge from Ningbo Maritime Court, the case is still in process with no ending in sight.
An industry analyst reckons that HNA could reach a quick deal with Huarong because it feels the case might affect its credit with the banks.
HNA has just signed a framework agreement with Bank of China in January to HNA’s credit facility to RMB50bn. [24/01/13]
RELATED STORY: Lawsuits stack up against Grand China Logistics
