Cash-strapped HNA Group has formally handed over control of its main airline operations to Fangda Group Industrial Co. HNA’s business restructuring is still ongoing and a government taskforce in charge of it will continue its work.
It includes Hainan Airlines as well as several other China-based carriers. The restructuring also saw HNA bring in Hainan Development Holdings Co. as an investor for its airport operations unit.
At one point HNA Group amassed about $310 billion of debt due to a never-ending series of acquisitions.
