HNA Group announces bankruptcy

Hainan based private conglomerate HNA Group which was founded in 1993 has applied for bankruptcy and reorganization after a long period of financial struggles . The group held a stake in

14 airlines and retained a fleet of 900 aircraft

HNA group statement “ the relevant creditors applied to the court for bankruptcy and reorganization of the group because our group could not pay off their due debt “ the company had a debt of $109billion