TROUBLED Chinese aviation
conglomerate HNA Group's airlines have started to pay overdue jet fuel
bills, though they have yet to settle on the amount, reports Bloomberg.
The supplier, state-owned China
National Aviation Fuel Group, continues to provide fuel to HNA Group's
airlines under existing contracts, a spokesman for CNAF said.
Chinese aviation authorities had
asked the airlines to pay overdue bills. HNA Group is in the midst of more than
US$10 billion in asset sales after a debt-fueled acquisition spree in
the past few years strained its finances.
The Hainan-based group is said to
have targeted CNY100 billion (US$16 billion) in asset disposals by the first
half of the year to ease financial pressures.
Source : HKSG.
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