Airlinerwatch

FULL ARTICLE

HNA Group appears as the recent Airbus A330neo customer

Shanghai, China - Financially distressed Chinese conglomerate HNA Group has readjusted its aircraft orders with Airbus including an order for dozens of A330neo jets.

Last month, the European planemaker announced an order for 40 A330neo aircraft that is valued at $12 billion at list prices, but it did not disclose the buyer.

According to the sources who are familiar with the matter, the order came from HNA Group and reflected efforts already in place to carry out a restructuring of fleet plans that would see some previously unfulfilled jet orders fall by the wayside.

Last year in December, HNA chairman Chen Feng said the Group had suffered cash flow shortages, which forced the company to delay some of its liabilities, including employee salaries.

On Feb 19, news agencies reported that the Chinese government was planning to take over HNA Group and sell off its airline assets as the coronavirus outbreak had further hit the Chinese conglomerate’s ability to meet its financial obligations.

HNA has dozens of aircraft on order with Airbus and its U.S rival Boeing. The airline already failed to take delivery of several aircraft of which deliveries were due last year. The situation has left several aircraft with distinctive red tail markings of HNA Group airlines parked outside Airbus factories.