Deals

HNA Unit Sells Dorian Stake at Loss as Debt Pressure Intensifies

HNA Investment sells 6.4 million shares in the shipping firm
Sale comes as Chinese group comes under intensifying pressure

Bloomberg’s Tom Mackenzie discusses the financial challenges facing HNA, Anbang and Wanda.(Source: Bloomberg)

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By Prudence Ho

January 31, 2018 at 2:11 AM UTC

This article is for subscribers only.

A unit of debt-laden HNA Group Co. sold its stake in a U.S. shipping company at a loss as pressure intensifies for the Chinese conglomerate to repay its mounting debts.

HNA Investment Management LLC sold 6.4 million shares, or 12 percent, of Dorian LPG Ltd. at $7.30 apiece on Friday, according to a filing with the U.S. Securities and Exchange Commission Tuesday. According to data compiled by Bloomberg, HNA bought Dorian shares at an average cost of $12.27, signaling the Chinese conglomerate lost more than $30 million on the sale.