More than seven months after Chinese conglomerate HNA Group entered a government-led bankruptcy restructuring, the company's chairman and its CEO have been detained by police on suspicion of criminal misconduct, casting more clouds over one of China's most complicated bankruptcy cases.
The detentions add a new twist to the rise and fall of HNA, a conglomerate started as a regional airline and later expanded globally through a highly leveraged buying spree of stakes ranging from the Hilton hotel chain to Deutsche Bank. The company entered bankruptcy proceedings earlier this year.
