CHINA EASTERN RAISES $572M FROM STATE-OWNED PARENT
Hong Kong — China Eastern Airlines Corp. is raising $572 million by selling new shares to its state-owned parent to trim its heavy debt burden as it pursues an aggressive fleet expansion in China's booming aviation market.
The Chinese carrier said late Tuesday that it's selling nearly 1.4 billion new shares on the Hong Kong and Shanghai stock exchanges to China Eastern Air Holding Co.
The Shanghai-based airline, one of China's three major state-owned carriers, said the money raised would be used to pay off loans and added to working capital.
In June, the company said it was selling 8.8 billion yuan ($1.4 billion) worth of domestic bonds to raise money to buy planes.
12/09/2012 : Kelvin Chan / Seattle Pi
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