Fourth HNA Unit Halted From Trading, Pending 'Major' Disclosure
Fourth HNA Unit Halted From Trading, Pending 'Major' Disclosure
(Bloomberg) -- HNA Group Co.’s HNA-Caissa Travel Group halted its shares from trading in Shenzhen ahead of a "major" announcement, becoming the Chinese conglomerate’s fourth unit to do so since last week.
The pending major announcement may have an impact on the shares, according to a statement to the Shenzhen stock exchange on Friday.
Read more: Some ways HNA’s Hainan Airlines could restructure
HNA-Caissa joins Bohai Capital Holding Co., Tianjin Tianhai Investment Co. and flagship Hainan Airlines Holding Co. in suspending their stock. Tianjin Tianhai and Hainan Air have said they’ll provide updates on the situation in the coming weeks.
HNA has been facing increasing pressure -- some banks are said to have frozen some unused credit lines to HNA units after they missed payments -- after a debt-fueled acquisition spree that left it with global assets ranging from hotels and refrigerated trucks to aviation and car rentals.
To contact the reporter on this story: Prudence Ho in Hong Kong at pho83@bloomberg.net.
To contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Anand Krishnamoorthy
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