News
Hong Kong Airlines seeks court approval for US$3.863 billion debt restructuring
September 29th 2022
Hong Kong Airlines has applied to the High Court of Hong Kong and the High Court of Justice of England and Wales for approval to call a meeting with creditors to vote on its restructuring and a scheme of arrangement for debt settlement. Read More » The court hearings are listed for October 13 in Hong Kong and October 25 in London. The HNA Group airline said its debt was HK$49.1 billion (US$6.3 billion) at December 31, 2021 of which HK$30.1 billion is subject to the restructuring plan. The full-service carrier hopes to retain 20 of the 53 aircraft in its fleet. The restructuring will avoid the airline entering into insolvent liquidation and/or prevent its winding up by the courts, Hong Kong Airlines said. “It is part of a wider restructuring of the group to allow it to return to profitable and competitive operations for the benefit of all stakeholders,” a letter from the carrier to creditors said.
