A Hong Kong-listed subsidiary of cash-strapped HNA Group says creditors have seized its assets in the US and China after it failed to make a loan repayment last week.
HNA, the Chinese airline-to-finance conglomerate, has been struggling to pay at least $80bn in debts following an international acquisition spree.
CWT International, an HNA unit, said last week that it had until April 17 to repay a HK$1.4bn $179m) loan, including interest, or risk losing most of its assets, after it failed to pay HK$63m in interest and fees owed to lenders.
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