HNA Group Co., Ltd., is a Chinese conglomerate headquartered in Hainan, China. Founded in 2000, it is involved in numerous industries including aviation, real estate, financial services, tourism, logistics, and more.
The HNA Group filed for bankruptcy after the government failed to pay off its debts and was unable to obtain financing to pay bondholders and creditors, according to the South China Morning Post.
The group, created in 1993 as Hainan Airlines, operating four aircraft to improve transport links between mainland China and its base of operations on the island of Hainan, had nearly 300,000 employees four years ago. From an airline with four aircraft, the HNA Group grew to become a global business and hotel conglomerate with assets worth about $ 155 billion four years ago.
The company, based in Haikou, the capital of Hainan province, filed its bankruptcy application last Friday to undergo a restructuring, it said in a statement.
In a statement on its official website, last Friday, the HNA Group reported receiving a formal notification from the Hainan High People’s Court. “The main content of the notification is: a creditor has filed a request to initiate reorganization proceedings against our company , arguing that we cannot pay the debts owed to the creditor.”
“HNA Group will comply with the instructions of the Judicial Review Court in accordance with the law, actively promote the disposition of debts, support the Court in protecting the legal rights and interests of creditors in accordance with the law, and safeguard our normal business to it works successfully ”.