A unit of embattled Chinese aviation-to-finance conglomerate HNA on Thursday said some of its bank accounts had been temporarily frozen because of a dispute with a Chinese bank, in another sign of the liquidity stresses rippling through the company.
Tianjin Tianhai Investment, the unit of HNA that owns software distributor Ingram Micro, saw accounts frozen at three banks on January 12 following a dispute with Ningbo Commerce Bank, it said in a statement to the stock exchange on Thursday. The unit had halted trading on the same day, citing a possible asset restructuring but not the frozen bank accounts.
Tianjin Tianhai said on Thursday that the accounts, which belonged to its HNA Technology subsidiary, were unfrozen on January 15 following "friendly negotiations" with the bank. Ningbo is an eastern port city near HNA’s ship-building operations.