Even by the volatile standards of the airline industry, the rise and fall of China’s HNA Group has been spectacular. Bankruptcy proceedings represent the latest step in the unraveling of the group’s ambitious global expansion, which could lead to the divestment of more of its aviation holdings. HNA ran up massive debt as it acquired stakes in aviation companies across the globe and branched into other sectors. But its financial headaches—magnified by the COVID-19 crisis— have proved to be too tough for the group to address itself, and HNA’s creditors filed a petition on Jan. 29 to restructure the company through the bank - ruptcy system.
展开▼
