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China's HNA Group reveals years of unusual cash movements

Subsidiaries' disclosures follow bankruptcy petition filings by creditors

HONG KONG -- Companies under China's HNA Group have reported finding irregular outflows of billions of dollars in cash, an ominous development following moves by creditors to call for a bankruptcy restructuring of the formerly highflying conglomerate and its subsidiaries.

Within hours of HNA's revelation on Friday evening that creditors had filed a petition with the Hainan Province High People's Court to reorganize the group, several domestically listed subsidiaries alerted their shareholders to the discovery of the irregular outflows by a state-appointed working group.

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