Without specifics on the current situation at Air Hong Kong hard to comment. But, When I worked for Polaris Aircraft Leasing they defaulted on three 747-100 series aircraft. They destroyed one in an accident and it was paid off by insurance but, the other two were repossessed. They had not been maintaining them and hence were not even airworthy to take back. Eventually they settled and paid up most of the bill. I have reservations about them even if they are all cargo.