German cheap flight hub Frankfurt Hahn files for insolvency

Frankfurt Hahn Airport, a German international budget flights hub, has filed for insolvency, according to a court filing published on Tuesday. It was not immediately clear how the insolvency would affect flight operations. The airport, which is primarily used by low-cost airlines such as Ryanair and cargo airlines and served about 1.5m passengers in 2019, is 82.5% owned by Chinese airport group HNA, while the German state of Hesse has a 17.5% stake. In February, a Chinese court opened insolvency proceedings against HNA at creditors' request, though China's Liaoning Fangda Group and Hainan Development Holdings have since said they could settle the debt HNA owes to retail investors.<br/>