Once the owner of about $150 billion in assets, much of which was in tourism and aviation, and employing 400,000 workers, HNA Group is now facing the ignominy of bankruptcy. Most of its landmark deals – for companies such as Hilton, Red Lion Hotels, Carlson Rezidor Hotel Group, and Virgin Australia – were financed through risky borrowing.
It has spent the past couple of years feverishly selling off assets to pay down a huge debt pile, and with a big focus on tourism, has been hit especially hard during the pandemic.
