BEIJING – HNA Group, a debt-burdened Chinese airline operator that faced opposition in Washington to its attempt to buy a Wall Street hedge fund during a costly global acquisition spree, says its creditors have asked a court to declare the company bankrupt.
HNA said on its social media account it would cooperate with the court and “actively promote debt disposal.” It said creditors asked “for bankruptcy and reorganization of our group because the group cannot repay their debts.” It gave no details of the company’s status and no indication whether the court agreed to the petition.
Spokespeople for HNA, headquartered in Haikou on the southern island province of Hainan, didn’t respond to requests for more information.