-- China plans to take over indebted conglomerate HNA Group Co. and sell off its airline assets, the most dramatic step to date by the state to contain the deepening economic damage from the deadly coronavirus outbreak.
An announcement could be made as soon as Thursday, though talks could drag on or fall apart, the people said, asking not to be identified as the discussions are confidential. Under the emerging plan, China would sell the bulk of HNA’s airline assets to the country’s three biggest carriers -- Air China Ltd., China Southern Airlines Co. and China Eastern Airlines Corp., according to the people. Discussions with the airlines are continuing, they said.
“HNA is, even by Chinese standards, a sprawling and indebted conglomerate, and the collapse in Chinese airline activity due to the outbreak of Covid-19 has apparently pushed it to effective bankruptcy,” London-based Agency Partners analysts led by Nick Cunningham wrote in a note after Bloomberg’s report.
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