China's HNA Group is in advanced talks to sell a 30 percent stake in aircraft lessor Avolon Holdings to Japan's Orix, two sources said, as the company attempts to restructure and trim stakes even in its core assets.
The aviation-to-financial services conglomerate, which has racked up massive debt from acquisitions in recent years, is nearing a deal to sell the stake in Dublin-based Avolon for about $2.2 billion, the sources said.
One of the sources said the parties could announce a deal within the next 24 hours.
"HNA's liquidity problems are well documented. This is one way to ease pressure on the group," another source said.
All the sources spoke on condition of anonymity as they were not authorized to speak to the media. HNA, Avolon and Orix declined to comment.