Creditors of struggling Chinese conglomerate HNA Group have applied for bankruptcy proceedings after a court said the company was unable to pay its debts, reported the Financial Times.
In a statement late on Friday, HNA said it had received notice from a court in Hainan, the Chinese province where it is headquartered, that creditors had applied for the bankruptcy and reorganization of the group.
The company, which started life as an airline and took on huge debt to expand into one of China’s flagship global conglomerates, said it would co-operate and “support the court to protect the legal rights and interests of creditors,” reported the FT.
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