Aigle Azur (Paris-Orly) will enter receivership. A French court has appointed a temporary administrator.
HNA Group holds 49% of the stock along with David Neeleman with 32% of the stock.
Previously in 2017, the Weaving Group sold its 32% stake to David Neeleman (also involved in Azul Brazilian Airlines, TAP Air Portugal, and previously with JetBlue). Frantz Yvelin was named CEO of Aigle Azur.
Yvelin was able to fight off a coup attempt by minority shareholder Gerard Hua. David Neeleman has threatened a lawsuit.
Operations will continue. The company currently operates 300 regular flights per week departing from six French airports to around 25 destinations.
In other related news, Aigle Azur will suspend its long-range route between Paris (Orly) and Campinas (Viracopos), Brazil (the home of Azul), on September 27, 2019.
Aigle Azur aircraft photo gallery: