By XUE Bingbing

HNA Group’s creditors have approved a restructuring plan, according to a court announcement on October 23.

HNA plans to address management and debt problems through trusts and creditors can share the profits that the group makes after the reorganization.

The aviation group owns 16 airlines and 625 aircraft. In the first half, HNA had an income of 18.3 billion yuan (US$2.9 billion), up 57 percent compared with last year.

In January, HNA declared bankruptcy and started to seek investors for its main businesses: aviation and airports. Since June 16, Fangda Group and its subsidiaries have held over three-quarters of HNA’s shares and became the controlling shareholder of Hainan Airlines.

GU Gang, head of HNA’s joint working group, said HNA would gradually withdraw from the real estate industry and focus on the airport and duty-free businesses after the restructuring.

In the first half of this year, the airport business brought HNA an income of one billion yuan (US$159 million), accounting for 40 percent of the company's total revenue. The passenger volumes in Sanya Phoenix International Airport and Haikou Meilan International Airport, two airports under HNA Infrastructure, have all reached 10 million this year.