Avolon helps prop up debt-laden HNA Group in share sale

February 11, 2018

Avolon's direct parent company, Bohai Capital, plans to issue shares to fund a revamp of the aircraft lessor's ultimate parent, the HNA Group.

 

The money will be used to buy assets from another HNA subsidiary as part of an overhaul at the debt-laden Chinese conglomerate.

 

Bohai Capital plans to buy a stake in an unnamed trust company and some financial assets from HNA Group and related parties, according to a filing to the Shenzhen stock exchange.

Bohai's stock is currently suspended from trading.

 

It didn't explain the rationale behind the deal and said its stock will remain suspended from trading.

Despite the lack of details, Warut Promboon, managing partner at credit research firm Bondcritic, said the move appears to be designed to deploy liquidity where it is needed within the group.

 

Read more at https://www.independent.ie/business/irish/avolon-helps-prop-up-debtladen-hna-group-in-share-sale-36589458.html

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