Hong Kong court adjourns winding-up trial of HNA Group by 6 weeks
- Two separate lawsuits were filed earlier this year against the investment arm of HNA Group, which defaulted on a US$200 million bond in 2021
HNA Group (International), an investment arm of Chinese conglomerate HNA Group, on Wednesday was granted a reprieve against two winding-up petitions in Hong Kong after a judge adjourned the hearing by six weeks.
Justice Hui Ka-ho pushed the court hearing to August 14, giving the Hong Kong-based company time to clean up its house and negotiate with creditors. It was the first time a case was brought against HNA Group (International) after it defaulted on a US$200 million bond in 2021.
Golden Morning Hong Kong, a private company registered in February this year, filed the winding-up petition against the company in April. Law firm Ashurst Hong Kong later filed a similar petition.
A hearing on Ashurst’s lawsuit was previously scheduled for July 17, but was later combined with Golden Morning’s hearing on Wednesday.
Justice Hui dismissed a request from the lawyers representing both plaintiffs, who asked for the case to be adjourned for up to 12 weeks to negotiate with the defendant.
A lawyer representing Ashurst said they did not rule out withdrawing the case.
Privately owned HNA Group (International), formerly named HNA Hong Kong Holdings, invests on behalf of its parent in industries covering aviation, tourism, logistics and technology.
