HNA subsidiary CWT International defaults on loan

A logistics subsidiary of troubled HNA Group has defaulted on a $179m loan and has either to pay or lose assets, according to Reuters. The subsidiary, CWT, told the Hong Kong Stock Exchange it had not paid interest or fees to its lenders. Its assets include CWT Logistics, as well as engineering and finance services, and property in the UK and US. HNA bought CWT for $1bn in 2017 and merged it with one of its Hong Kong companies. HNA has been looking for a buyer for it for the past six months – as it has for several of its aviation and logistics subsidiaries. It is not yet clear whether CWT has paid up – or lost assets.