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            november 13, 2019

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HNA airlines to pay overdue fuel bills to state-owned supplier


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.

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