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HNA Group restructuring continues after chairman and chief executive questioned by police
September 27th 2021
HNA Group said its operations are “stable and orderly” after revealing its chairman and chief executive were removed by police due to suspected criminal offences. Read More » The parent company of Hainan Airlines revealed on Friday it had been told by police in Hainan Province that they had picked up chairman and co-founder Chen Feng and chief executive, Adam Tan Xiandong. "The operations of HNA Group and its member companies are stable and orderly, and the bankruptcy and restructuring work is progressing smoothly according to the law," the company reported on its WeChat account. HNA Group has been in bankruptcy administration since February after piling up massive debts during a global acquisition spree. It is now effectively led by Gu Gang, who heads a court-appointed working group. It announced earlier this month that the group would be broken up into four independent entities comprising airline, airport, finance and commercial and other areas. A meeting of creditors is due for today to vote on a draft reorganisation plan of retailing and real estate unit, HNA Holdings. A Shanghai Stock Exchange statement said the company’s shares had been suspended until tomorrow.
