View source for HNA Group Chairman Barred From Flying Vacationing On Firm apos;s...

<br>BEIJING, Sept 16 (Reuters) - The chairman of cash-strapped HNA Group has been barred from taking flights and high-speed trains and going on vacations due to the Chinese conglomerate's failure to pay a court-ordered $5,300 in a lawsuit, a court document showed.<br> <br>The once high-flying company, which owns Hainan Airlines , is in the midst of a restructuring led by the Hainan government to resolve its liquidity risks stemming from years of aggressive acquisitions abroad.<br> <br>The group and its affiliates have delayed payments on a few bond products this year.<br> <br>HNA chairman and legal representative Chen Feng has also been barred from spending at star-rated hotels, nightclubs and  [https://www.kynghidongduong.vn/tours/du-lich-trung-quoc-gia-re/ kynghidongduong.vn] golf clubs,  [https://www.kynghidongduong.vn/tours/du-lich-trung-quoc-gia-re/ tour trung quốc] and buying properties and high-premium insurance products,  [https://www.kynghidongduong.vn/tours/du-lich-trung-quoc-gia-re/ tour trung quốc] an order from the People's Court in Xi'an [http://www.travelpod.com/s/city%27s%20Beilin city's Beilin] district showed on Tuesday.<br><br>The order also disallows his children from attending private schools.<br> <br>The conglomerate declined to comment on the order.<br> <br>While such court-ordered bans in China are indefinite, there are precedents where bans have been lifted after the defendants paid.<br> <br>The Xi'an court had ruled in March that HNA Group, along with its three affiliated companies, needed to return money they owe to a plaintiff named Chai Jin in a dispute involving HNA's high-interest online investment platform Jubaohui.<br> <br>The companies were told to pay Chai more than 36,000 yuan ($5,320) of principal and interest within 10 days of the March ruling, according to the court.<br><br>But they failed to do so, the court order on Tuesday said.<br> <br>It was not immediately clear if HNA subsequently paid the sum to Chai.<br> <br>HNA has not been able to fully pay back its Jubaohui investors since early 2018 as its liquidity worsened even as it began a frenetic sales of assets.<br><br>There's still some 37.1 million yuan of overdue and unpaid debts at the end of August, according to data released on Jubaohui's official website.<br> <br>To make matters worse, the coronavirus pandemic this year, which had devastated travel demand and hurt HNA's main aviation business, led many to believe that HNA's survival was at stake.<br><br>However, a move for a government-led restructuring of HNA following a plea by the conglomerate in February rekindled hopes that a solution for its debt problem may be on the horizon.<br> <br>($1 = 6.7721 yuan) (Reporting by Cheng Leng, Stella Qiu and Brenda Goh; Editing by Muralikumar Anantharaman)<br>