Travana

Last updated
Travana
Industry Travel industry, Tourism
Founded2015 in San Francisco, California, United States
FounderJason Chen
FateClosed in 2016
Key people
Jason Chen (CEO)
Owner HNA Group
Website www.janbala.com

Travana Inc. was an online travel agency (OTA) co- founded in 2015 by Jason Chen, an American entrepreneur. The compagny was headquartered in San Francisco, California with janbala.com as its online representation. About 90% of Travana's equity stake was owned by HNA Group, a Chinese conglomerate based in Haikou, Hainan, China. [1] However, Travana suddenly closed amid controversies in 2016 after only 14 months of operation. [2] [3]

Contents

History

Travana, Inc. was a company registered with the Airlines Reporting Corporation (ARC) and the International Association of Travel Agents Network (IATAN). It operated in San Francisco, Chicago, and Manila in the Philippines. In August 2016, Travana launched an online a travel agency called Janbala.com. HNA, a Chinese conglomerate, approached Travana in early 2015. In November 2015, HNA committed US$50 million in funding in exchange for a 90% equity stake with a pending investment of $150 million in the new venture. [4] As a result, Travana became a Chinese majority-controlled company, with American employees and an HNA representative from China. Within 10 months, Travana became a fully operational OTA with a notable presence in the industry. It hired over a hundred employees and contractors, launched a booking platform, connected with airlines serving U.S. Consumers, and entered into agreements with travel suppliers.

Controversies

HNA invested in Travana in late November 2015. Just over a year later, the firm filed for bankruptcy amid several litigations, parts of HNA's broader struggles managing its US acquisition spree. [2] Amidst widespread and damaging corruption allegations against HNA, its CEO Adam Tan instructed that the CEO Jason Chen be fired and Travana be restructured without board meeting or resolution. Numerous allegations of wrongdoings surrounding Travana against HNA are sited. [5] HNA with its unusual ownership and a complex array of affiliates has a network of operations and interconnected deals with friends and family members of top executives, that are difficult to track. [1] As a result, the company filed for bankruptcy and its former CEO, Chen accused HNA of sabotage. [6] [7] Travana's board, controlled by HNA, made counter arguments in their filings in court. [8] [9]

Following the collapse of Travana in March 2017, a group of creditors filed for Chapter 7 Involuntary Bankruptcy in an effort to protect its valuable assets. [10] Then, in July 2017, its minority stockholders filed a lawsuit against HNA, its Chairman Wang Jian, its CEO Adam Tan, and HNA-appointed board members at Travana. The lawsuit was filed for breach of fiduciary duty, breach of contract, fraud and other legal causes of actions. [11]

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References

  1. 1 2 "Behind a Chinese Powerhouse, a Web of Family Financial Ties". The New York Times . July 18, 2017.
  2. 1 2 "News Highlights: Top Company News of the Day". Fox Business News. July 5, 2017.
  3. ↑ "A Chinese Conglomerate Finds Managing Businesses Is Tougher Than a Spending Spree". The Wall Street Journal . July 5, 2017.
  4. ↑ "China Firm Discovers Downside of Deals" (PDF). The Wall Street Journal . July 6, 2017.
  5. ↑ "China's HNA Invested $28 Million to Start a U.S. Online Travel Agency and Abruptly Closed It". Skift. May 2, 2017.
  6. ↑ "HNA invests $27.5 million in a US-based OTA and abruptly closes it". China Travel News. May 3, 2017.
  7. ↑ "HNA Group's management style is causing real problems in the US". The Real Deal. July 5, 2017.
  8. ↑ "HNA, the Curious Company Worrying China and U.S.: QuickTake Q&A". Bloomberg News . July 26, 2017.
  9. ↑ "Chinese Co. Says Online Travel Row Must Be Arbitrated". Law360. September 5, 2017.
  10. ↑ "China Examines Deals Gone Awry to Gauge Banking Risks". Bloomberg News . June 28, 2017.
  11. ↑ "HNA Group Must Answer Questions About Collapse of Its Booking Startup Travana". Skift. December 14, 2015.
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