Hong Kong Airlines (HKA) has appointed ex-director Zhong Guosong as its new chairman as a move intended to turn around the company's fortunes.
Guosong will hold around 27% of the company, while Chinese private equity firm Frontier Investment Partner holds around 34% and 29% is held by HKA.
It has been revealed that two controlling shareholders have appointed a group of directors including Zhong.
In a statement, Hong Kong Airlines said: "The recent dispute among the company’s shareholders has seriously disrupted the order and operation of our office. As a result, we had to hire third-party security personnel and lawyers to assist us in dealing with the situation. As a private company, Hong Kong Airlines does not comment on its shareholding structure. However, we believe that our stakeholders will solve the issue in a professional and impartial manner. We remain committed and will continue to offer our best customer service to all passengers."
It was reported earlier this month that Hong Kong Airlines executives told shareholders the company needed to raise at least $255.12 million or risk losing its operating license.