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China debt crunch

Chinese court puts HNA Group into bankruptcy administration

Judicial appointees to oversee some 60 affiliated companies

HONG KONG -- A Chinese court has placed HNA Group and many of its affiliates into administration in response to a creditors' petition for a bankruptcy restructuring of the sprawling corporate empire.

The People's High Court of Hainan Province, where HNA is based, has appointed a team to manage the group's affairs, according to stock exchange disclosures on Wednesday and Thursday by about a dozen affiliated companies listed in Shanghai, Shenzhen and Hong Kong.

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