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Shanghai / Hahn (dpa / lrs) - The massive financial problems of the Chinese HNA group, which is the main owner of Hahn Airport, have caused the prices of the group's public companies to plummet.
Hainan Airlines, HNA Technology and department store operator CCOOP fell almost to the permissible limit of ten percent on the Shanghai and Shenzhen stock exchanges on Monday.
The former flagship company, which at times even held ten percent of Deutsche Bank, is suffering from a huge mountain of debt.
Three companies in the group announced that "shareholders and other related parties" had "misappropriated" 61.5 billion yuan, the equivalent of 7.86 billion euros, as the renowned business magazine "Caixin" reported.
In addition, loan guarantees in the amount of 46.5 billion euros, the equivalent of 5.95 billion euros, were given in a “non-compliant manner”.
The HNA Group announced on Friday that it would no longer be able to repay its debts.
As a result, creditors filed for bankruptcy proceedings at the People's Court in Hainan Province and reoriented the company.
A working group that was set up by the government assumes that 400 to 500 companies associated with HNA will be affected by a restructuring, as "Caixin" reported.
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The provincial government of Hainan had practically taken control of the highly indebted company in February.
The outbreak of the corona pandemic, which hit the aviation industry particularly hard, made it even more difficult for the group to meet its financial obligations.
There are rumors that HNA's aircraft division, Hainan Airlines, could be sold to state-owned Chinese airlines.
With investments worth billions worldwide, the group had borrowed heavily in recent years.
He also owns 82.5 percent of the Hahn Airport in Hunsrück.
The remaining 17.5 percent lies with the state of Hesse.
© dpa-infocom, dpa: 210201-99-254550 / 2