Struggling Chinese airline group HNA Group will receive a strategic investment of RMB 38 billion ($5.88 billion) after its restructuring. The money will go to eleven of its entities including its flagship carrier Hainan Airlines, according to two sources, reports Reuters.
Gu Gang, the group’s party secretary and leader of the government-led working group addressing HNA’s liquidity issues, disclosed the investment at a meeting of its creditors, the two sources who were familiar with the meeting’s discussions told Reuters.
He did not elaborate on where the investment was coming from but said about RMB 25 billion of the strategic investment would go to Hainan Airlines to replenish its cashflow, they said.