Greater ChinaOperationsShipyards

HNA Group commences restructuring

HNA Group, one of the largest conglomerates in China, has commenced a massive bankruptcy restructuring process involving 321 subsidiaries.

The restructuring follows creditors of the group filing applications with the People’s High Court in Hainan calling for the group’s bankruptcy due to its huge debt crisis with total liabilities amounting to RMB700bn ($107bn).

HNA’s flagship business is Hainan Airlines, the largest private airline in China. The group also has ventures in multiple other sectors including shipping, technology, tourism, real estate and finance.

According to the court files, there are eight shipping and shipbuilding related subsidiaries involved in the restructuring including units of HNA Cruises and Jinhai Shipyard. VesselsValue data shows the shipyard currently has an orderbook of nine vessels made up of five panamax containerships and four VLCCs.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

Comments

  1. ……and still no mention in Splash24 of the container leasing company, SeaCo, or the trailer rental company = both visible focal points of the worldwide transport business. It’s not all about ships, you know.

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