?Northeast Airlines, a private carrier based in northeast China, will be restructured and renamed as Hebei Airlines Company on June 29, its parent company Sichuan Airlines Group announced Wednesday, according to a report in Beijing Business Today.

In recent media reports Sichuan Airlines was said to have increased its stake in Northeast Airlines to 97 percent from the previous 33.5 percent.

Sichuan Airlines said it is cooperating with Jizhong Energy Group Co., Ltd. on the restructuring. Jizhong, a state-owned company based in Hebei, has annual revenues of over 100 billion yuan. On March 18, the two parties signed a cooperation agreement. Shortly afterwards, on March 27 and 28, Northeast Airlines relocated all its aircraft to Shijiazhuang Airport.

Sichuan Airlines refused to provide details on Jizhong Energy's shareholding in Hebei Airlines.

Founded in February 2006, Northeast Airlines was the last private carrier to receive approval from the Civil Aviation Administration of China before the regulator suspended new applications. The carrier had recently relocated from Shenyang Taoxian International Airport in northeast China's Liaoning Province to Guilin International Airport in Guangxi, southern China.

Hebei Airlines is awaiting approval from CAAC and regional regulators, and is expected to start operating on June 29.

China's business press carried the story above on Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.