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China debt crunch

Bankrupt HNA clears creditor hurdle in $170bn debt restructure

Core unit Hainan Airlines to receive investment from turnaround group Fangda

Hainan Airlines is expected to face continued headwinds, with travel demand still languishing from the coronavirus pandemic. (Photo by Yusuke Hinata)

GUANGZHOU -- HNA Group took a major step forward over the weekend in what is believed to be China's largest bankruptcy case to date, with creditors greenlighting an investment by a lesser-known conglomerate that has been involved in a series of turnarounds.

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