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China National Aviation Fuel noted Wednesday that its three shareholders China National Aviation Fuel Group Corporation, parent of PetroChina and Sinopec have jointly sent a letter to related authorities in Wuhan, capital city of Hubei province where East Star is based, to solicit support for restructuring East Star by China National Aviation Fuel.
East Star Airlines is a small Chinese private carrier based in Wuhan. China's aviation regulator suspended its operating license in March for it was unable to pay back heavy debts for poor internal management. China National Aviation Fuel Group Corporation is the largest creditor of East Star.
China National Aviation Fuel Group Corporation, and the sales companies of CNPC and Sinopec hold equity of China National Aviation Fuel at 51 percent, 20 percent and 29 percent, respectively. Enditem
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