Major shareholders and eight banks help Hong Kong Airlines to suspend trading crisis

category:Finance
 Major shareholders and eight banks help Hong Kong Airlines to suspend trading crisis


The announcement also revealed that the purpose of the loan is to be used for operational expenses such as aviation oil, aviation materials, take-off and landing fees, personnel wages, aircraft rental, etc. of HNA holding and its subordinate airlines. This can not help but remind people of the operational crisis of many HNA airlines, especially Hong Kong Airlines.

Hong Kong Airlines is already defaulting on many employees salaries. The Hong Kong air transport licensing authority issued a statement on 2 December warning Hong Kong Airlines to inject funds to raise and maintain cash and deemed cash on hand to a reasonable level set by the licensing authority. The licensing authority said that if HKAC fails to improve its financial situation as required, it will take further action, including revoking or suspending its license. The decision will be published by the licensing authority on or before 7 December.

Hong Kong Airlines announced on November 29 that it would adjust its route network, including suspending direct flights to Vancouver, Ho Chi Minh City and Tianjin. Hong Kong Airlines will continue to monitor the situation closely and adjust its business plan accordingly to ensure business viability and maintain long-term growth, it said

Source: responsible editor of 21st century economic report: Yang bin_nf4368