HNA Group Secures Investor Support for Yuan Bond Repayment Delay
- HNA issues apology for hastily arranged vote on debt proposal
- Another HNA bond suffers record slump earlier Wednesday
The HNA logo is seen on a building in Beijing.
Photographer: Greg Baker/Getty ImagesThis article is for subscribers only.
The beleaguered HNA Group Co. has pulled off an escape from a domestic bond default after a hastily arranged creditor meeting that caused a stir in China’s investment community.
The heavily indebted Chinese conglomerate said Wednesday it has garnered enough support from bondholders for a proposal to extend by one year the maturity of a 390 million yuan ($55 million) 7.1% note that originally comes due Wednesday, according to a company filing.