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China debt crunch

HNA Group units seek repayment of funds siphoned off by parent

Three companies' plans are another step toward restructuring of conglomerate

HNA Group revealed on Jan. 29 that its creditors had filed a petition with the Hainan Province High People's Court to reorganize the conglomerate.   © Reuters

HONG KONG -- The three listed HNA Group companies that last month reported irregular outflows of substantial amounts of cash have unveiled blueprints to reclaim what they say was taken by their parent and its affiliates.

Hainan Airlines Group, HNA Infrastructure Investment Group and CCOOP Group separately announced on Tuesday that they have formulated specific plans to seek redress from the former highflying conglomerate and its subsidiaries.

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