Hong Kong Court Grants HNA Group 6 Weeks Extension for Winding-Up Petition to 14th August 2024 to Allow More Time to Provide Restructuring Plan to Creditors, Defaulted on $200 Million Bond in 2021, Winding-Up Petition Filed by Golden Morning Hong Kong & Ashurst
4th July 2024 | Hong Kong
A Hong Kong court has granted HNA Group 6 weeks extension for the winding-up petition to 14th August 2024 to allow more time for HNA Group to provide restructuring plan to creditors. In 2021, HNA Group had defaulted on the $200 million bond. The winding-up petition is filed by Golden Morning Hong Kong & Ashurst. HNA Group, the China conglomerate which used to be one of the most active investors in the world, is undergoing bankruptcy administration with $187 billion of liabilities and have had global investments including owning 25% of Hilton Hotel. In January 2021, HNA Group declared bankrupt after debt restructuring had failed. In 2017, HNA Group was one of the world’s largest company with more than $50 billion in revenue. In the same year, HNA Group was affected by China’s new regulations to disallow state-owned banks to lend money to Chinese private companies to prevent them from using funding for foreign investments. HNA Group was co-founded in 1993 by Chen Feng and Wang Jian, growing from a regional airline in Hainan (China) into an aviation group with operations across the globe. The Group expanded into many other industries including aviation, real estate, financial services, tourism and logistics, and became one of the most active investors in the world.
“ Hong Kong Court Grants HNA Group 6 Weeks Extension for Winding-Up Petition to 14th August 2024 to Allow More Time to Provide Restructuring Plan to Creditors, Defaulted on $200 Million Bond in 2021, Winding-Up Petition Filed by Golden Morning Hong Kong & Ashurst “
HNA Group $56 Million Hong Kong Penthouse Placed on Sale by Creditors
20th August 2021 – HNA Group $56 million penthouse (4,600 square feet) on one of the most prestigious address in Hong Kong (39 Conduit Road, Mid Levels), has been placed on sale by its creditors. HNA Group, the China conglomerate which used to be one of the most active investors in the world co-founded by Chen Feng, is undergoing bankruptcy with $187 billion of liabilities and have had global investments including owning 25% of Hilton Hotel. The $56 million Hong Kong penthouse was bought in 2015 by holding company Billion Able Corporation, with HNA Group Founder & Chairman Chen Feng listed as a director.
HNA Group Bankruptcy
In January 2021, HNA Group declared bankrupt after debt restructuring had failed. In 2017, HNA Group was one of the world’s largest company with more than $50 billion in revenue. In the same year, HNA Group was affected by China’s new regulations to disallow state-owned banks to lend money to Chinese private companies to prevent them from using funding for foreign investments.
HNA Group was co-founded in 1993 by Chen Feng and Wang Jian, growing from a regional airline in Hainan (China) into an aviation group with operations across the globe. The Group expanded into many other industries including aviation, real estate, financial services, tourism and logistics, and became one of the most active investors in the world.
HNA Group Statement:
On 29th of January 2021, HNA Group received a formal notice from the Hainan High People’s Court. The main content of the notice is: a creditor has filed an application for the initiation of reorganization procedure against our company, on grounds that we cannot pay off due debts to the creditor. HNA Group will comply with the court’s instructions of judicial review in accordance with law, promote the debts disposition actively, support the court to protect the legal rights and interests of creditors in accordance with law, and safeguard our normal business to be operated successfully.
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