Hainan Airlines Holding, the Shanghai-listed unit of debt-ridden HNA Group, has said it will take over stakes owned by parent HNA Group as part of an assets restructuring plan.

Hainan will take controlling shares in West Air and Guilin Airlines, in addition to MRO providers HNA Technic and SR Technics. Also listed were flight school Hainan Sky Plumage and hotel investment and management platform HNA Hotels Holding, according to a Shanghai Stock Exchange filing.

Hainan Airlines Holding suspended trading Jan. 10 to conduct a major asset restructuring.

According to the filing, the restructuring may change the controlling ownership of Hainan Airlines Holding. Currently Grand China Air is the largest shareholder with a 24.3% stake; HNA Group is the fourth biggest shareholder with a 3.5% stake.

Local industry analysts pointed out that lack of funds is Hainan Airlines Holding’s biggest challenge in completing the assets restructuring plan.

HNA Group chairman Chen Feng previously admitted the company faced liquidity difficulty when it sold three housing properties in Hong Kong in February; in early March HNA Group sold overseas investments, which is still not enough to save the company from financial crisis.

In February, it was widely reported HNA Group plans to cut 100,000 jobs worldwide, or about a quarter of its workforce, this year.

South China Bluesky Aviation Oil, a subsidiary of China National Aviation Fuel Group, threatened earlier this month to stop supplying fuel to Hainan Airlines on March 18 if the company failed to make up missed payments since October 2017.

In the meantime, the company’s joint ventures—launched with different local governments—also received government financial support. Earlier this year, the Tianjin government—represented by Tianjin Bonded Zone Investment Co.—invested CNY400 million ($63.2 million) in Tianjin Airlines. This month, Urumqi Airlines expects to receive at least CNY450 million in investments in the form of land, building, cash or stakes from the Urumqi municipal government.