In a much-needed relief for Hong Kong Airlines, the Hong Kong High Court has approved the airline’s $6.3bn debt restructuring plan. This will boost the airline’s survival chances following a tough year of financial upheaval. In yesterday’s hearing, Justice Jonathan Harris said the court was sanctioning a so-called scheme of arrangement for Hong Kong Airlines. Counsel for the carrier, which is backed by bankrupt Chinese conglomerate HNA Group, said there was no opposition to the plan. A court in the United Kingdom approved the plan on December 9, 2022, with the court in Hong Kong approving it on 14 December,
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