East Star Airlines admits US$110m debt
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East Star Airlines has admitted that its current combined debt exceed CNY752 million (CNY110 million), Xinhua reported. Airline spokesperson, Zhao Changbing, said the announcement was made to counter rumours about the company’s assets and debts. Zhao said total assets of the company stood at over CNY1 billion.
East Star Airlines’ operations were suspended by China’s industry regulator in March this year due to financial difficulties.
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