Hainan Airlines makes missed fuel payments, continues international expansion

Hainan Airlines has made up missed fuel payments before the March 15 deadline and has continued international expansion plans by opening three routes from Shenzhen this week. Earlier this month, South China Bluesky Aviation Oil, a subsidiary of China National Aviation Fuel Group, threatened to stop supplying fuel to Hainan Airlines on March 16 if the company failed to make up delinquent payments since October 2017. Hainan is in discussions with South China Bluesky Aviation Oil about paying for liquidated damages after bringing payments up to date and establishing a long-term plan for paying off future fuel bills. HNA Group chairman Chen Feng previously admitted the company faced liquidity issues when the group sold three housing properties in Hong Kong in February; in early March HNA Group sold overseas investments. This week, the company is reportedly selling nine housing properties in Beijing and Shanghai, which are worth $2.2b.<br/>