Hainan Group, which owns a major Chinese airline whose management has deteriorated due to the spread of the new coronavirus infection, revealed that creditors have filed for bankruptcy proceedings for business restructuring in court. I made it.

The Hainan Airlines Group, which owns the Chinese airline giant Hainan Airlines, announced on the 29th that its creditors have filed for bankruptcy in order to rebuild its business.



In the future, the group will cooperate with court procedures, proceed with debt processing, and maintain corporate activities.



The Hainan Group, which was established in 1993, aggressively expanded its business by investing in overseas real estate and financial businesses centered on the aviation business, but four years ago, the Chinese government tightened overseas investment. I was forced to withdraw while trying to do so, and I was in a difficult business with a large amount of debt.



Furthermore, from February last year, the cash flow worsened due to the decrease in airmail due to the spread of the new coronavirus infection, and the local government was in a situation of rebuilding.