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HNA Group divests aviation unit to strategic investor in business break-up as bankruptcy reorganisation progresses
HNA Group, China’s once high-flying conglomerate, has officially handed its core aviation business to a strategic investor, after breaking up its core businesses under a bankruptcy reorganisation to untangle US$111 billion of debt.
HANOI (Vietnam News/Asia News Network): The Government Office has instructed the Ministry of Planning and Investment, the Ministry of Finance, the Ministry of Transport and the State Bank of Vietnam to study a proposal by the Vietnam Aviation Business Association (VABA), in which the airline industry is to gain access to VNĐ25 trillion (over US$1.1 billion) of zero-interest loans.
HANOI (Vietnam News/ANN): Vietnam's airline industry is facing its worst crisis yet amid the Covid-19 pandemic, an online conference on financial solutions to keep the industry afloat heard on Monday (Aug 1).
BANGKOK (The Nation/ANN): The Thai Airlines Association, led by president Puttipong Prasarttong-Osoth and CEOs of all seven airline members, held a virtual press conference after all domestic flights were officially suspended as of Wednesday (July 21).
HONG KONG (China Daily/ANN): Airport Authority Hong Kong announced on Wednesday (May 26) that it would give away 60,000 air tickets by lucky draw to local residents and airport staff who receive Covid-19 vaccination to promote inoculation.
MAG, the parent company of Malaysia Airlines, expanding beyond pure-play aviation
Vietnam’s Bamboo Airways is planning to offer a 5%-7% stake in a third-quarter US initial public offering to raise about US$200 million, giving the airline a market capitalization of as much as $4 billion, chairman Trinh Van Quyet said by phone.
Vietnamese airlines are projected to post a total loss of VND 15 trillion (US$650 million) in 2021, with their revenue continuing to plunge compared to that of last year