Beleaguered HNA Group seeks investors for aviation assets

China’s HNA Group wants strategic investors for its airline and airport units, days after receiving court approval to merge 321 related companies into a single entity for restructuring purposes. The group, built on the foundations of flagship unit Hainan Airlines, disclosed on 19 March that it is searching for investors to “promote the reorganisation of HNA Group and related enterprises”, as well as the “sustainable and healthy development of [the] main business”. In the same disclosure, HNA Group laid out the conditions for investment, including qualifications for potential investors, as well as commitments that investors must adhere to. For instance, interested investors must have “good financial health” and “excellent corporate governance”, and can be either a single entity or a consortium comprising two or more investors. “Strategic investors with foreign investment shall comply with relevant regulations on foreign investment access,” HNA Group adds. It notes that existing airline operations must remain unchanged and unaffected by the investment.<br/>