Leasing firm files suit to wind up HK Airlines
2010/12/08 08:53 Team Cignus, a wholly owned subsidiary of Tokyo-listed NEC Capital Solutions, filed apetition in the High Court to wind up Hong Kong Airlines.According to a directors' report for the year ended March, Team Cignus, an Irish-registered company, leased an aircraft to Hainan Airlines, which then subleased it to HongKong Airlines. Hainan Airlines controls Hong Kong Airlines.As of March 31, Team Cignus was owed US$1.55 million by Hainan Airlines, the directors'report said. Hong Kong Airlines subsequently provided Team Cignus with a plan to settleoutstanding rentals worth US$1.8 million and default interest. On July 2, the companyreceived US$400,000, according to the report, dated July 21. (South China Morning Post) 