The Chinese group HNA goes bankrupt
HNA Group Co., Ltd., is a Chinese conglomerate headquartered in Hainan, China. Founded in 2000, it is involved in numerous industries including aviation, real estate, financial services, tourism, logistics, and more.
The HNA Group filed for bankruptcy after the government failed to pay off its debts and was unable to obtain financing to pay bondholders and creditors, according to the South China Morning Post.
The group, created in 1993 as Hainan Airlines, operating four aircraft to improve transport links between mainland China and its base of operations on the island of Hainan, had nearly 300,000 employees four years ago. From an airline with four aircraft, the HNA Group grew to become a global business and hotel conglomerate with assets worth about $ 155 billion four years ago.
The company, based in Haikou, the capital of Hainan province, filed its bankruptcy application last Friday to undergo a restructuring, it said in a statement.
In a statement on its official website, last Friday, the HNA Group reported receiving a formal notification from the Hainan High People’s Court. “The main content of the notification is: a creditor has filed a request to initiate reorganization proceedings against our company , arguing that we cannot pay the debts owed to the creditor.”
“HNA Group will comply with the instructions of the Judicial Review Court in accordance with the law, actively promote the disposition of debts, support the Court in protecting the legal rights and interests of creditors in accordance with the law, and safeguard our normal business to it works successfully ”.
SoftBank agreed on Tuesday to pay more than 10,000 million dollars to acquire WeWork, doubling its investment and paying close Read more
Microsoft has struck the table when it won the JEDI contract (acronym for Joint Enterprise Defense Infrastructure) tendered by the Read more
Siemens Gamesa has received a conditional order to supply 140 wind turbines of its most powerful model (11 MW) to Read more
A few years ago Boeing was the most important aeronautical company on the planet. being the most important civil constructor Read more
Tesla will begin delivering the first orders of the Model Y, its new SUV compact SUV, in the first quarter Read more
General Motors has announced that it will invest 1,500 million dollars (1,350 million euros) in the new generation of ‘pick-ups’ Read more
Netflix already has 158.3 million subscribers worldwide, demonstrating its strength in the face of increasing competition. However, its biggest advantage Read more
The aircraft manufacturer Boeing (NYSE: BA) suspends the production of its 737 MAX aircraft, after not obtaining this year, as Read more
Navin Shenoy, the vice president of Intel, said in a statement that “this acquisition advances our artificial intelligence strategy, which Read more
The Starliner spacecraft, from the Boeing company, landed successfully this Sunday in New Mexico after it failed on Friday in Read more