Hainan Airlines settles debt with stock issuance

Hainan Airlines Holding announced it will issue 389,506,341 shares, representing approximately 0.90% of its total share capital, to creditors at a price of CNY 3.18 per share to settle USD 174,284,960.95 in debt related to aircraft leases. This agreement follows the court-approved restructuring plan of Hainan Airlines and ten of its subsidiaries. The debt settlement will involve transferring shares to Tianjin Bohai Leasing's subsidiaries, with an agreement that the creditors will not dispose of the shares within six months of the share transfer date. Hainan Airlines said the move will ease financial pressure, reduce the debt ratio, and promote stable operations.