Travana

Travana Inc. was a United States online travel agency established in 2015 by entrepreneur Jason Chen. The company was headquartered in San Francisco and developed a travel-booking platform intended to serve American consumers. It also maintained operations in Chicago and Manila, reflecting a structure that combined U.S.-facing commercial activity with an international workforce and supplier network. The business was registered with the Airlines Reporting Corporation and the International Association of Travel Agents Network, organizations that supported its ability to work with airlines and travel-industry partners. Travana attracted significant backing from HNA Group, the Chinese conglomerate that expanded aggressively into overseas businesses during the 2010s. In November 2015, HNA committed approximately US$50 million in funding in exchange for an approximately 90% equity interest, with a further investment reportedly contemplated. The transaction made Travana a Chinese-majority-controlled company while the operating business continued to use American employees and contractors and an HNA-appointed representative. Within roughly ten months, Travana reportedly hired more than one hundred employees and contractors, established airline connections, signed agreements with travel suppliers, and built a functioning online booking operation. In August 2016, the company launched Janbala.com as its online travel-agency platform and public-facing web presence. The platform formed the central consumer proposition of the business: online access to travel bookings and related agency services. Despite the rapid build-out, Travana's corporate and financial position deteriorated quickly. The company closed after approximately fourteen months of operation amid disputes involving its ownership, governance, management, creditors, and HNA's broader financial and regulatory difficulties. The collapse became the subject of bankruptcy proceedings and litigation. After Travana's shutdown in March 2017, creditors sought Chapter 7 involuntary bankruptcy protection, while minority shareholders later sued HNA, HNA executives, and HNA-appointed Travana directors. The claims included alleged breaches of fiduciary duty and contract, fraud, and other causes of action. Former chief executive Jason Chen accused HNA of sabotaging the company, while HNA-controlled board members disputed those allegations in court filings. Because Travana ceased operations and its online presence is no longer reliably available, it is best understood as a defunct OTA rather than an active consumer travel brand.

Travana was founded in 2015 as an American online travel agency associated with entrepreneur Jason Chen. Its planned business was to provide online travel-booking and agency services to consumers, supported by connections with airlines and other travel suppliers. The company was based in San Francisco and also operated in Chicago and Manila. It obtained registrations with the Airlines Reporting Corporation and the International Association of Travel Agents Network, indicating an effort to establish industry credentials and supplier access. The company's ownership changed substantially during its early development. HNA Group, a Chinese conglomerate headquartered in Hainan, approached Travana in early 2015 and committed approximately US$50 million in November of that year for an approximately 90% equity stake. A further investment of approximately US$150 million was reportedly contemplated. The transaction left Travana with an American operating workforce but placed effective ownership and board influence with HNA. Travana then expanded rapidly, hiring more than one hundred employees and contractors, building a booking platform, connecting with airlines serving U.S. customers, and negotiating supplier agreements. In August 2016, Travana launched Janbala.com, the online travel-agency brand through which its booking operation was presented to consumers. The launch followed a rapid development period of roughly ten months. The company nevertheless remained vulnerable to ownership and governance conflict. During the wider period of controversy surrounding HNA's overseas acquisition strategy and corporate governance, HNA chief executive Adam Tan reportedly directed that Jason Chen be removed and that Travana be restructured without a board meeting or formal resolution. Chen later alleged that HNA had sabotaged the company. HNA-controlled board members rejected or contested the former executive's account in court filings. Travana closed in March 2017, after approximately fourteen months of operation. Creditors subsequently filed for Chapter 7 involuntary bankruptcy in an effort to protect and realize the company's remaining assets. In July 2017, minority shareholders filed a separate lawsuit naming HNA, chairman Wang Jian, chief executive Adam Tan, and HNA-appointed Travana board members. The litigation asserted claims including breach of fiduciary duty, breach of contract, fraud, and other related legal theories. These disputes connected Travana's short operating history with the financial and governance problems surrounding HNA's broader expansion. The company is now defunct. Its principal consumer-facing platform, Janbala.com, is no longer a dependable source of current services, and no evidence in the supplied reference material indicates that Travana continues to operate as an online travel agency.

• 2017

  Operations end and bankruptcy action begins

  [1]Travanaen.wikipedia.org

  Travana closed in March, and creditors later pursued Chapter 7 involuntary bankruptcy proceedings.

• 2017

  Shareholder litigation filed

  [1]Travanaen.wikipedia.org

  Minority shareholders sued HNA-related defendants and HNA-appointed Travana directors in July.

• 2016

  Janbala.com launches

  [1]Travanaen.wikipedia.org

  Travana launched Janbala.com as its online travel-agency platform.

• 2015

  Travana is founded

  [1]Travanaen.wikipedia.org

  Jason Chen co-founded Travana as a U.S. online travel agency.

• 2015

  HNA takes majority control

  [1]Travanaen.wikipedia.org

  HNA committed approximately US$50 million for an approximately 90% equity stake, with further funding reportedly contemplated.

A U.S.-focused online travel agency that attempted to combine an American operating organization with substantial backing and control from HNA Group.

• Online travel agency · 2016

  Janbala.com

  Janbala.com was Travana's consumer-facing online travel-agency platform, launched in August 2016. It represented the company's principal digital channel for travel bookings and related agency services, supported by airline connections and agreements with travel suppliers. The platform was associated with Travana's effort to establish a U.S.-oriented OTA during its brief operating period.

• 2017

  Governance and ownership dispute surrounding Travana's collapse

  Travana's shutdown was followed by allegations concerning HNA's control of the company, the removal of chief executive Jason Chen, restructuring decisions, and alleged misconduct by HNA-related parties. The allegations were contested in court and should not be treated as established findings.

  Source

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• 2017

  Restructuring and executive removalStrategy

  Background

  HNA-controlled governance became contentious as Travana's financial and operational situation deteriorated.

  Action taken

  HNA chief executive Adam Tan reportedly directed the removal of Jason Chen and a restructuring of Travana without a board meeting or resolution, according to the supplied reference material.

  Aftermath

  Chen accused HNA of sabotage, while HNA-controlled board members disputed the allegations in court filings. Travana subsequently closed and faced bankruptcy proceedings.

  Source

• 2016

  Launch Janbala.comProduct launch

  Background

  After building its booking infrastructure and supplier relationships, Travana needed a consumer-facing online distribution channel.

  Action taken

  The company launched Janbala.com as an online travel agency in August 2016.

  Aftermath

  The platform became the principal public representation of Travana before the company ceased operations.

  Source

• 2015

  Accept HNA majority investmentM&A

  Background

  Travana was seeking capital to build an online travel agency and expand its airline and supplier relationships.

  Action taken

  HNA committed approximately US$50 million in exchange for an approximately 90% equity interest, with additional funding reportedly planned.

  Aftermath

  Travana became majority-controlled by HNA while retaining an American operating workforce and U.S.-focused commercial ambitions.

  Committed investment. US$50 million (November 2015)

  Source

1. 1Travanaen.wikipedia.org