Ailing HNA applies for bankruptcy & restructuring

Creditors of China’s HNA Group have applied for bankruptcy and restructuring to the court after HNA failed to pay off due debts, according to a company statement.

The group said that it will cooperate with the court to go ahead with the judicial review, debt disposal and support the court’s protection of the legal rights of creditors to ensure company operations.

HNA Group was established on the foundations of Hainan Airlines in 1993. The group also ventured into logistics, tourism and real estate.

By 2017, the group had ballooned into a global conglomerate with 290,000 employees.

HNA also owns 25 percent of Hilton Worldwide, and is one of the biggest conglomerates in the country.