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.
