A Chinese court has approved the $170bn restructuring of HNA Group, a victory for the conglomerate’s state controllers that could prove instructive for how Beijing deals with indebted property group Evergrande.
Formerly China’s most aggressive offshore dealmaker, HNA said on Sunday that a court in Hainan, the southern island where it is based, had backed a plan to revamp more than 300 group companies into four new entities.
The approval came after tens of thousands of HNA’s Chinese creditors voted on the plan on October 20, with about 90 per cent backing the proposal.
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