HONG KONG ¨C Even for a company that¡¯s been through as many crises as HNA Group Co., it¡¯s been a rough few months.
In April, creditors of the embattled Chinese conglomerate took the extraordinary step of seizing golf courses and other assets after a unit missed a loan payment. The group¡¯s also been embroiled in an increasingly bizarre power struggle over control of Hong Kong Airlines, while people familiar with the matter say HNA shelved the sale of a container-leasing business after failing to find anyone willing to pay the $1 billion-plus price it was seeking.
For HNA, the setbacks underscore how the group is still struggling to deal with the fallout of a global acquisition spree that pushed it deep into debt. Despite agreeing to sell more than $25 billion in assets since the beginning of 2018, HNA¡¯s travails more broadly show how China¡¯s two-year deleveraging campaign continues to rock some of its biggest targets, many of which emerged during a period when the government was encouraging private enterprises to seek out overseas assets.
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