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China’s Hainan Airlines rises by maximum 5% on restructuring plans By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: This is the Hainan Airlines Airbus Commercial Passenger Airplane, taken in Colomiers (near Toulouse), France, 26 November 2018. REUTERS/Regis Duvignau/File Photo

SHANGHAI (Reuters) – Shares in Hainan Airlines, the flagship carrier of embattled Chinese conglomerate HNA Group, rose as much as 5% on Monday, its maximum level allowed for the day, after it gave an update on its restructuring plans.

Sources tell Reuters that China’s HNA Group will be receiving strategic investment in the amount of 38 billion yuan ($5.9billion) following its restructuring. This will be distributed to 11 of its entities, including Hainan Airlines.

Hainan Airlines also stated in separate statements Monday that they would be using funds from strategic investors as well future operating income for debt repayments.

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