BEIJING – Companies that are part of HNA Group, a Chinese conglomerate that says creditors want it declared bankrupt after a global acquisition spree, want to recover as much as $15 billion that might have been paid out improperly to major shareholders.
The announcements highlight the tangled finances of HNA, the latest in a series of Chinese would-be global conglomerates that are struggling with debt and accusations of mismanagement after explosive growth and foreign acquisitions.
HNA’s status was unclear Monday, three days after it said creditors want the company declared bankrupt by a court in Hainan, the southern island province where the company is headquartered, to declare HNA bankrupt because it couldn't pay its debts.