[Hong Kong Airlines Crisis] Parent company HNA wins 4 billion yuan in consortium pumps from China Development Bank

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Written by: Chen Shuxia

2019-12-02 22:55

Hong Kong Airlines is struggling with financial difficulties, and the Air Transport Licensing Authority today (2nd) urged it to improve its finances, otherwise the card will be seized and a decision will be made before this Saturday (7th). It is reported that there has been a new turnaround in the financial status of Hong Kong Airlines, and internal news has spread. Employees are expected to produce food this Friday (6th). New investors have also emerged, which means that Hong Kong Airlines may temporarily evade the robbery of being branded. According to all sources, it is said that White Warrior is a China Development Bank and has signed a loan agreement with Hainan Airlines.

The parent company Hainan Airlines issued an announcement tonight to announce the meeting's review and approval of the "Report on Applying for Loans from Banks". The board of directors of the company agreed to sign loan contracts with eight bank syndicates with China Development Bank as the lead bank and correspondent bank. A total of 4 billion yuan of loans were applied to syndicates for operating expenses such as aviation oil, aviation materials, take-off and landing fees, personnel salaries, and aircraft rental of HNA Holdings and its affiliated airlines.

Air Transport Licensing Authority issues ultimatum Saturday dead line

Hong Kong Airlines is struggling with financial difficulties. Over the past week, capital reduction plans have appeared, including the suspension of some routes, the suspension of in-flight entertainment system services, and the delay in distributing food to employees. In fact, since Hong Kong Airlines plunged into a major shareholder dispute this year, its finances have not recovered. The Hong Kong Air Transport Licensing Authority issued an ultimatum today (2nd) to urge it to improve its financial situation and impose two conditions on the Hong Kong Airlines licence, including the need for capital injection and a certain level of cash flow. Otherwise, the licence may be revoked or temporarily revoked. The decision will be announced on or before this Saturday (7th).

People inside Hong Kong Airlines are distressed, but tonight, a message began circulating in the staff circle, indicating that the grain is hopeful, also known as the Air Transport Bureau has given a green light and reached an agreement with the company. The reorganization includes the adjustment of the flight route, the reduction of flight crews, etc. With a view to continuing operations. However, the news went on to say that the company would continue to operate and there was still time to prepare for "escape" in the month, but on the other side, the company's predicament was imminent.

KS, the author of the FB page "K's Aviation" who is familiar with the aviation industry, also pointed out that he believes that the loan agreement between China Development Bank and Hainan Airlines will help Hong Kong Airlines transit through the crisis.

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