Trouble

The South China Morning Post reports:

– HNA Group had at least 1 trillion yuan (US$154.8 billion) of assets as recently as 2017, with at least 500 billion yuan of debt

– HNA Group would cooperate with the court’s review, push forward with the debt restructuring work and support the court to protect the legitimate rights and interests of creditors, the company said

HNA Group, one of China’s largest global asset buyers spawned from the country’s largest privately owned airline, has been declared bankrupt, after a government-led exercise to work out its debt failed to come up with money to repay bondholders and creditors.

The company, based in the Hainan provincial capital of Haikou, was served with a petition on January 29 in the provincial High Court seeking its bankruptcy and for it to undergo restructuring, HNA Group said in a statement on its WeChat account.

The company will cooperate with the court’s review, push forward with the debt restructuring work and support the court to protect the legitimate rights and interests of creditors, HNA Group said. Company executives could not be reached to elaborate.

The full story can be read here.

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