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HNA Group relinquishes control of another airline
HNA Group is offloading another China based airline as it seeks to pay down its huge debt pile.
It agreed an equity restructuring deal which will see control of China West Air Co handed over to minority stakeholder Chongqing Yufu Assets Management Group.
The deal could give the firm as much as 70% of the airline.
HNA had previously owned 84% of the airline.
West Air is based in the cities of Chongqing and Zhengzhou, operatig flights to more than 50 cities in China, as well as a few overseas routes.
HNA said it will remain as a minority stakeholder.
West Air is the latest carrier after cash-strapped HNA Group diluted its ownership of Beijing Capital Airlines, Urumqi Air and Beibu Gulf Airlines.
It still has major stakes in other carriers including HNA Airlines and Hong Kong Airlines.
At one point it owned or had a majority shareholding in more than a dozen airlines under the HNA Aviation division.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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