HNA Group said "it remains deeply troubled" afterits injunction to suspend the resolutions passed at a general shareholders meeting ofNH Hotel Group was deniedby the Companies Court of Madrid.
The Chinese conglomerate, which is the largest shareholderof NH Hotel, said the court's decision was "preliminary andprocedural," and not "a ruling on the merits of the case." HNAsaid it intends to appeal the decision and remains confident that it willprevail.
The group had filed a lawsuit earlier in September to restore the structureand management of the hotel group back to the way it was before shareholdersvoted that HNA's presence in the board was an issue. The shareholders hadapproved changes to oust four HNA representatives from its board as NH Hotelbelieved HNA's acquisitions of peer hotel groups presented a conflictof interest.
HNA also alleges that shareholders Hesperia and Oceanwoodare working in concert for control of NH Hotel, and it had the duo in late July to launch aformal takeover of the Spanish hotel company.
The two groups jointly own at least 21% of NH Hotel, whileHNA owns a 29.5% stake, according to the report from July.