December 2, 2019 / 12:34 PM / 13 days ago

China's HNA Group in deal to restructure its low cost carrier West Air

FILE PHOTO: A HNA Group logo is seen on the building of HNA Plaza in Beijing, China February 9, 2018. REUTERS/Jason Lee

HONG KONG (Reuters) - Chinese conglomerate HNA Group signed agreement to restructure its low cost carrier West Air with Chongqing-based asset management firm, it said on Monday.

Chongqing Yufu Asset Management Group and its affiliates will together hold at least 70% in West Air, becoming the biggest shareholder, HNA said in a statement.

West Air, established in 2007, operates about 160 domestic and international routes with a fleet of 35 airplanes.

Hong Kong Airlines, a carrier controlled by HNA, was ordered to shore up its financial position by Dec. 7 or risk the suspension or loss of its licence, a Hong Kong air transport regulator said on Monday.

Reporting by Meg Shen; Editing by Edmund Blair

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