China airline-to-finance conglomerate HNA Group faces loss of assets, including buildings at London’s Canary Wharf, to creditors after a missed interest payment that marks its first default on international liabilities.
CWT International, a Hong Kong-listed subsidiary of cash-strapped HNA, said yesterday that it had failed to pay interest payments and fees on a HK$1.4bn ($179m) loan, prompting lenders to demand that the unit repay the full loan and interest or risk the loss of almost all of its remaining assets.
The missed payment triggered a cross-default on a separate HK$766m loan owed by a subsidiary of CWT.
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