There are a few ways to get money out of a company. Cash-strapped HNA Group is trying three of them with its airlines.One method, which HNA began to use last year, is forcing subsidiaries to delay paying bills as long as they can without risking loss of support from critical suppliers; cash thereby freed can be passed on to the needy head office (AW&STFeb. 12-25, p. 41). Another recent approach is to sell equity, especially to friendly, perhaps generous buyers. A third, now in the works, is to use companies as loan collateral. Tianjin's government, already part owner of HNA's Tianjin Airlines, has paid 400 million yuan ($63 million) to enlarge its shareholding in the carrier by an undisclosed degree. Industry sources close to the group say more such deals are likely. In each case of selling down ownership in an airline, the group will usually transfer shares to a municipal or provincial government that already has investments in the carrier.
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机译：有几种方法可以从公司中赚钱。资金拮据的海航集团正在与航空公司合作尝试其中的三家。 r n海航集团去年开始采用的一种方法，是在迫使子公司尽可能延误付款的前提下，尽力避免失去关键供应商的支持。由此释放的现金可以转入有需要的总部（AW＆STFeb。12-25，第41页）。最近的另一种方法是出售股权，尤其是出售给友好的，也许是慷慨的买家。目前正在开展的第三项工作是利用公司作为贷款抵押。天津政府已经是海航集团天津航空公司的一部分，已经支付了人民币4亿元（合6,300万美元），以扩大其在该航空公司的股权，但未披露。接近该集团的业内消息人士称，此类交易的可能性更大。在出售航空公司所有权的每种情况下，集团通常会将股份转让给已经在航空公司中进行投资的市政府或省政府。
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