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