HNA Group scrapped its planned listing of Swiss-based airline caterer Gategroup at the 11th hour on Monday, dealing a blow to the cash-strapped Chinese conglomerate’s efforts to reduce its debt mountain.

Gategroup, which announced in a statement that the IPO had been canceled, had been due to start trading in Switzerland on Tuesday, with the IPO valuing the whole company at as much as USD 2.8 billion.

A source close to the IPO process said HNA abandoned the listing because it had a clear idea of Gategroup’s value and was concerned it might not be reached.