The administrators of HNA Group’s debt restructuring program have chosen Liaoning Fangda Group Industrial Co as the strategic investors for the Chinese conglomerate’s airline and airport businesses. Hainan Development Holdings Co. will invest in its airport business, according to exchange filings by Hainan Airlines Holding Co. and HNA Infrastructure Investment Group Co. Hainan Airlines and HNA Infrastructure both plan to issue new shares to the investors and for the repayment of debt. The draft restructuring plan is subject to the approval of a Chinese court.

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