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Reuters

China’s HNA Group said some 67,400 creditors are seeking a total of 1.2 trillion yuan (US$187 billion), according to a person who attended the conglomerate’s online meeting for creditors on Friday.
The company has confirmed 405.7 billion yuan in claims as valid and has rejected 353.5 billion yuan in claims, the person quoted Ren Qinghua, the head of HNA’s liquidation team, as saying.
Another 156.5 billion yuan in claims are being assessed as part of a preliminary review while some claims have yet to be reviewed, added the person.
HNA Group and its related companies are “seriously insolvent” and it is unclear whether strategic investors can be introduced in the short-term, the person also quoted Ren as saying.
The person was not authorised to speak to media on the matter and declined to be identified.
HNA declined to comment.
After creditors filed a petition, a Hainan court placed the once highly acquisitive HNA in bankruptcy administration in February and in March it gave the go-ahead for 321 related companies to be merged as part of the conglomerate’s restructuring.
Under Chinese law, a six-month period is usually given for restructuring although that can be extended for three months. If restructuring goals agreed with regulators and creditors are not met by that time, then a firm is broken up and its assets are sold.
HNA, whose flagship business is Hainan Airlines, used a US$50 billion debt-fuelled acquisition spree to build an empire that included stakes in businesses from Deutsche Bank to Hilton Worldwide.
But its spending and debt levels drew scrutiny from the Chinese government and overseas regulators. Its liquidity woes deepened when the Covid-19 pandemic paralysed travel demand last year, forcing the company to ask the Hainan government to step in.


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HNA Group

HNA Group faces US$187 billion in claims from 67,400 creditors, according to bankrupt conglomerate’s online meeting

A Hainan Airlines aircraft sits on the tarmac in Beijing on May 13, 2018. Photo: Reuters

China’s embattled HNA cedes control of baggage handler Swissport to senior creditors in €1.9 billion debt-for-equity swap

Swissport airport workers walk across the tarmac at Liverpool John Lennon Airport in northern England, in May, 2016. Photo: Reuters

epa04866324 A Swissport baggage cart is seen on Zurich airport in Kloten, Switzerland, 30 July 2015. Swiss luggage handler Swissport is bought by Chinese HNA Group for 2.73 billion Swiss frances (2.81 billion US dollars). EPA/WALTER BIERI

HNA Group's buying spree. Swissport (cargo and aircraft ground handler) Reuters headquarters in London Tuniu Corp (Chinese online travel agent) Avolon Holdings (aircraft leaser) Ingram Micro (electronics distributor) Gategroup (airline caterer) Azul 23.7% (Brazil's third-biggest airline) CIT Group (aircraft leaser) US golf courses Hilton Group Kai Tak land ANZ Bank New Zealand's UDC Finance A stake in Deutsche Bank SCMP

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HNA is considering selling 30 South Colonnade, Canary Wharf in London – also known as Thomson Reuters and pictured in 2012 – after buying it four years ago. Photo: Handout

China’s government is poised to take over HNA Group as coronavirus outbreak grounds airline fleet, scuppers business

HNA Group’s logo on its corporate head office building in Beijing on February 2016. Photo: Agence-France Presse

China’s HNA Group sells Manhattan building near Trump Tower amid national security concerns

Pedestrians pass in front of Trump Tower in New York, U.S., on Wednesday, Dec. 19, 2018. In late November, Special Counsel Robert Mueller secured a guilty plea from Michael Cohen, Trump's former lawyer and personal fixer. That plea deal revealed that Trump was involved in trying to build a Trump tower in Moscow until at least June 2016, even though he had said publicly that he had no business dealings in Russia. Photographer: Allison Joyce/Bloomberg 

An image of 850 Third Avenue in Manhattan, which houses both the New York headquarters of HNA and the police precinct tasked with taking care of Trump Tower, which is a short walk away. Photo: Google Street View

Creditors seize HNA unit’s assets in Singapore, China and US after CWT missed payment deadline on US$179 million of loans

CWT Commodities Pte. Ltd in Singapore. Photo: SCMP/Handout

graphic for online Some of HNA's asset disposals so far in 2018 Time of announcement Asset Amount Buyer January The One York office A$205 million Blackstone building in Sydney, Australia (US$165 million) Group February Shareholdings at Around 300 Assorted Deutsche Bank million euros investors (US$375 million) February Two land plots in HK$16 billion Henderson Land Kai Tak, Hong Kong (US$2 billion) Development March One land plot in HK$6.36 billion Wheelock Kai Tak, Hong Kong (US$811 million) Company March Shareholdings at Park Hotels and Resorts US$1.4 billion Park Hotels and Resorts and other investors March Shareholdings at Hilton Grand US$1.14 billion Assorted investors Vacation March Hainan Gaohe 1.93 billion yuan Sunac China Property Development and Hainan Haidao (US$305 million) Construction Logistics June Shares in Hainan Airlines US$1.1 billion Consortium led by Temasek July Hotel company US$2 billion Radisson Holdings August 30 per cent stake in air leasing group Avolon US$2.2

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HNA has confirmed 405.7 billion yuan in claims as valid and has rejected 353.5 billion yuan in claims
Another 156.5 billion yuan in claims are being assessed as part of a preliminary review while some claims have yet to be reviewed



HNA, whose flagship business is Hainan Airlines, used a US$50 billion debt-fuelled acquisition spree to build an empire that included stakes in businesses from Deutsche Bank to Hilton Worldwide


Dealing with debt

Banking & finance

HNA Group faces US$187 billion in claims from 67,400 creditors, according to bankrupt conglomerate’s online meeting

HNA has confirmed 405.7 billion yuan in claims as valid and has rejected 353.5 billion yuan in claims Another 156.5 billion yuan in claims are being assessed as part of a preliminary review while some claims have yet to be reviewed

HNA has confirmed 405.7 billion yuan in claims as valid and has rejected 353.5 billion yuan in claims

Another 156.5 billion yuan in claims are being assessed as part of a preliminary review while some claims have yet to be reviewed