News
Hong Kong’s High Court hearing application to wind up Hong Kong Airlines
October 31st 2022
In a hearing started today, Ireland-headquartered lessor, Stellar Aircraft Holdings, is petitioning Hong Kong’s High Court to wind up Hong Kong Airlines, a carrier ultimately owned by debt besieged HNA Group, the South China Morning Post reports. Read More » HNA group was declared bankrupt in early 2021. Also, a November date has been set for the airline’s second appearance before the British courts for its submission of a restructuring plan addressing its US$6.2 billion debt, the Hong Kong newspaper added. The full-service carrier, launched to compete with Cathay Pacific Airways, has been hit hard by a series of blows, including months of protests across Hong Kong in the second half of 2019 followed by the outbreak of the pandemic in early 2020. As COVID-19 very quickly spread across the globe, China and Hong Kong closed their borders, obliterating within weeks 98% of the airline’s revenue.
