The Chinese airline Uni-Top Airlines, based at Wuhan Tianhe Airport, has a total debt of 7.1 billion yuan (about 993 million US dollars). Among this, the debt owed to employees alone is over 100 million yuan (about 14 million US dollars). Due to being in a state of uncertain bankruptcy liquidation and restructuring for a long time, two of its Boeing 747 planes and one Airbus A300 have been put up for auction on the JD platform. As a result, the company has become the third airline in Wuhan to go bankrupt. In addition to the planes, the company’s associated land and real estate were also auctioned for the first time on June 13, 2024. Despite tens of thousands of people viewing the auction, there were no buyers, which is quite disheartening.
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China’s First Airline Goes Bankrupt, Owes $14M to Staff, Discounted Plane Auctions Fail
