HNA Group bankrupt: China’s largest asset buyer succumbs to loans

© Piotr Trojanowski

HNA Group – an investor or affiliate of more than 18 airlines – has been declared bankrupt. The news follows a period during which it was forced to rein in spending after a serious shopping spree, as Chinese authorities cracked down on highly indebted companies. According to the South China Morning Post, the group has yet to comment, aside from noting it will cooperate with the court’s review, continue its debt restructuring and protect creditors.