Will Avolon find itself on the block as China prepares to seize troubled parent HNA?

Irish Times | Feb 21, 2020 at 5:05 PM
  • Chen Feng, founder of the debt-laden Chinese airlines-to-finance group HNA that spent tens of billions of dollars on deals in the middle of the last decade, including Irish aircraft lessor Avolon, declared in December that one of the worst bouts of corporate indigestion globally in recent times was set to ease.
  • It comes after a $40 billion (€37 billion) acquisitions spree – including stakes in Hilton Worldwide, Deutsche Bank, and trophy properties from London to New York – left it about $80 billion of unsustainable net debt.
  • It all served to reduce Eir’s non-pay costs by 23 per cent to €108 million, as pay expenses increased by a little over 15 per cent to €83 million, resulting in an overall €22 million saving.