Hong Kong Airlines shareholders have demanded to see 2018 accounts before consid...
HONG KONG - Hong Kong Airlines shareholders have demanded to see 2018 accounts before considering providing at least HK$2 billion needed to ensure the carrier - part owned by the indebted HNA Group - keeps its license, two sources said.
Shareholders questioned the airlines’ dealings with other HNA firms, including querying the prices paid to lease planes from affiliates as well as the cost of materials bought from them, the sources said, declining to be identified as the information was not public. ALTA’s demand came after a travel insurer in January dropped protection against the airline’s collapse, prompting the airline to reassure customers it was operating as normal. A month before, the airline suffered a series of executive departures.
At last week’s meeting, Hong Kong Airlines executives told shareholders that without fresh funds, the airline’s operating license was at risk, said the people familiar with the matter. HNA cut its stake in the carrier two years ago and currently owns 29 percent through Hainan Airlines, its mainland flagship airline and China’s fourth-largest carrier.
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