Hainan’s creditors seek to claw back more CNY200 billion

More than 1,500 creditors are hoping to claim more than CNY201 billion ($36 billion) from Hainan Airlines, the embattled flagship airline unit of China’s HNA Group, as a creditors’ meeting draws nearer. Creditors have also filed claims for other HNA-linked aviation units, such as China Xinhua Airlines, Fuzhou Airlines, Lucky Air, as well as Chang’an Airlines, with claim amounts ranging between CNY3.1 to 38b. The highest court in China’s Hainan province in early February approved applications from creditors to place these carriers into bankruptcy reorganisation. The latest update comes a day before the claims window closes. “After the creditor’s rights are confirmed, part of [the claims] will be transferred to related parties for settlement, in order to resolve the company’s losses caused by non-operating funds, undisclosed guarantees that require liability, as well as assets that require attention,” Hainan discloses. A creditor’s meeting — the first to be held since the HNA Group was placed under bankruptcy reorganisation — is slated for 12 April. <br/>