Restructuring will wipe out equity stakes apparently now held by two shadowy charities, co-founder Chen Feng and other executives, but ownership has always been opaque.
Full-year RevPAR was down 52.5 percent and the recovery in Greater China was most advanced with Q4 RevPAR of -18.2 percent.
The company will remain focused on building direct, durable customer relationships to effectively convert Tripadvisor’s influence into monetization.
Minor Hotels has over 530 hotels in 56 countries, but only two hotels operating in mainland China targeting the upscale segment.
After this transaction, Accor still owns a 3.3% stake in Huazhu and continues to be represented at the Group’s Board of Directors.
The ruling, which covers regional carriers Air Changan, Fuzhou Airlines, Grand China Air, GX Airlines, Lucky Air, and Urumqi Air, could have a significant impact on overall fleet size.
Net loss was $224 million in the fourth quarter ended Dec. 31, compared with net income of $175 million a year earlier.
The move was part of a plan to dispose of the company's debts after its creditors applied for the company's bankruptcy and restructuring late last month.
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