In an effort to contain "deepening economic damage" from the coronavirus the Chinese government plans to take control of the HNA Group, the parent company of distributor Ingram Micro, Bloomberg reports.
While the Ingram business remains profitable, the same cannot be said about other HNA assets. After all, HNA Group is a massive conglomerate spanning aviation, real estate, tourism, logistics, construction, marine transport and technology. It is also currently saddled with debt worth no less than $69 billion, at least according to Bloomberg. Thus the reports the Chinese government might simply take the company over and sell off the airline assets in order to meet "financial obligations."
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