Three units of HNA, once China s most acquisitive conglomerate, said nearly $10 billion had been embezzled by shareholders, in disclosures to stock exchanges that come amid a government-led probe into the deeply indebted group. A total of 61.5 billion yuan ($9.57 billion) had been embezzled by shareholders and other related parties, Shanghai-listed Hainan Airlines Holding Co, HNA Infrastructure Investment Group Co and Shenzhen-listed CCOOP Group Co said late on Friday. The three companies and their subsidiaries had also provided non-compliant guarantees for 46.5 billion yuan in financing, according to the statements filed after creditors of their parent applied to a court for the conglomerate to be placed in bankruptcy and restructured.
海航集团：相关债权人申请法院对集团破产重整_财经评论(cjpl)股吧_东方财富网股吧
eastmoney.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from eastmoney.com Daily Mail and Mail on Sunday newspapers.
海航集团破产重组 涉债务7000亿 - 未名空间(mitbbs com)
mitbbs.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mitbbs.com Daily Mail and Mail on Sunday newspapers.
BW Businessworld
Creditors Seek Bankruptcy Of China s Once High-Flying HNA
HNA Group said in a WeChat post on Friday it had been notified by a Hainan court that its creditors had acted because it was unable to pay its debts. It said it would cooperate with the court.
Photo Credit :
Creditors of China s HNA Group have applied to a Chinese court for the company to be placed in bankruptcy and restructured, potentially giving a fresh start for the remaining assets of the once-highly acquisitive conglomerate.
HNA Group said in a WeChat post on Friday it had been notified by a Hainan court that its creditors had acted because it was unable to pay its debts. It said it would cooperate with the court.