Hainan Airlines Group to axe 100,000 jobs

The troubled HNA Group is axing 100,000 jobs – over a quarter of its global work force.

The company spent some $50 billion on buying airlines, hotels and airport service companies (including Swissport) over an 18 month period.

It’s had trouble paying for its aircraft leases, barely making payments and worrying manufacturers and lease holders alike, afraid they’ll loose orders or be faced with a glut of unwanted aircraft if the airline and its many subsidiaries fails.

HNA has managed to wiggle off the hook, largely by selling some assets at a loss and rescheduling payments with panicked lease owners.

Advertisements