HNA unit says US and Chinese assets seized following default
Golf courses in China and US investment properties among assets seized from CWT
A Hong Kong-listed subsidiary of cash-strapped HNA Group says creditors have seized its assets in the US and China after it failed to make a loan repayment last week.
HNA, the Chinese airline-to-finance conglomerate, has been struggling to pay at least $80bn in debts following an international acquisition spree.
CWT International, an HNA unit, said last week that it had until April 17 to repay a HK$1.4bn $179m) loan, including interest, or risk losing most of its assets, after it failed to pay HK$63m in interest and fees owed to lenders.
In a statement on Monday, CWT said creditors had now taken possession of logistics and finance subsidiary CWT Pte Limited, investment properties in the US and golf courses in China.
CWT’s UK properties were not mentioned in the statement.
Shares in CWT remain suspended, the company said.