Hainan Airlines plans to raise US$7.9 billion via a stock sale to slash debt

Hainan Airlines Holding plans to sell new shares to raise around US$7.9 billion , the majority of which will be used to reduce financial obligations as the struggling carrier inches ahead with its restructuring plan.The aviation unit of China’s debt-laden conglomerate HNA Group expects to issue 16.4 billion new shares, of which 4.4 billion will be sold to strategic investors for 2.8 yuan apiece, according to an exchange filing Tuesday. The remaining 12 billion shares will be gifted to creditors…

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