Hainan Air was closed down

Hainan Air was closed down
Nov 30, 2008 06:50
STILLTRAVEL Points: Join Date: Nov 8, 2008 Status: offline	Dornier Aviation of North America (DANA) announced earlier this week that it had started seizing assets from China’s heavily- in-debt Hainan Airlines. H. Jason Gold, bankruptcy trustee for DANA, said several of Hainan’s bank accounts had been successfully obtained and that there will be preparations to take more tangible assets. This follows the $14 million civil judgement made by Gold against Hainan Airlines for unpaid accounts. The Federal Court had reached a final judgement in 2003 in support of Gold, but Hainan has not since paid its debts. Gold believes that the seizure of these first few bank accounts will be the first step in assuring that the judgement is paid. “The recovery of this judgment will eventually permit us to pay millions of dollars to creditors of the bankrupt company Dornier Aviation of North America, including numerous individuals and American companies, large and small” He added that he was confused as to why Hainan would not comply to court orders seeing as the carrier was applying for approval from the United States Department of Transportation to expand services in the U.S.

Nov 30, 2008 06:50

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Join Date: Nov 8, 2008
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Dornier Aviation of North America (DANA) announced earlier this week that it had started seizing assets from China’s heavily- in-debt Hainan Airlines.
H. Jason Gold, bankruptcy trustee for DANA, said several of Hainan’s bank accounts had been successfully obtained and that there will be preparations to take more tangible assets.
This follows the $14 million civil judgement made by Gold against Hainan Airlines for unpaid accounts. The Federal Court had reached a final judgement in 2003 in support of Gold, but Hainan has not since paid its debts.
Gold believes that the seizure of these first few bank accounts will be the first step in assuring that the judgement is paid.
“The recovery of this judgment will eventually permit us to pay millions of dollars to creditors of the bankrupt company Dornier Aviation of North America, including numerous individuals and American companies, large and small”
He added that he was confused as to why Hainan would not comply to court orders seeing as the carrier was applying for approval from the United States Department of Transportation to expand services in the U.S.

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