(Adds detail on HNA’s debts, CAAC News report)
BEIJING, Jan 29 (Reuters) – China’s HNA Group’s creditors have applied to a Chinese court for the company, once a highly-acquisitive conglomerate, to be placed in bankruptcy and restructured, it said on Friday.
HNA Group said in a WeChat post it received a notice from a Hainan court that its creditors had acted because it was unable to pay its debts.
It said it would cooperate with the court and actively promote disposal of its debts.
HNA Group was once one of China’s most aggressive dealmaking firms. It used a $50 billion global acquisition spree, mainly fuelled by debt, to build an empire that once spread from Deutsche Bank to Hilton Worldwide. Its flagship carrier is Hainan Airlines.
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