HNA receives 568 million dollars loan from eight domestic banks

Hong Kong Airlines A350 business class

Hainan Airlines claimed that it receives 4 billion yuan ($568 million) in loans from eight banks led by China Development Bank, and the funds will be used to cover the costs of fuel, maintenance charges, staff salaries, and operational expenses.

Some guesses in where the loan will go, it is reported that Hong Kong Airlines, an affiliate of HNA Group, has been given “five days (through Saturday) to find new investors or more cash, or else the company’s license is expected to be suspended or revoked.” And the cash might go into Hong Kong Airlines to boost its finance.

Editor: GM36

Source: Nasdaq, ezone

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Dec. 02, 2019