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FILE - In this Feb. 6, 2017, record photo, a Chinese nationalist emblem flutters against the HNA Group bureau gathering successful Beijing. HNA Group, a Chinese hose relation that ran into fiscal occupation aft a planetary acquisition spree, has projected a program to settee $61 cardinal successful debts owed to thousands of creditors by paying 40% of the total. The conglomerate warned successful a connection Tuesday, Sept. 28, 2021. (AP Photo/Andy Wong, File)

BEIJING – HNA Group, a Chinese hose relation that ran into fiscal occupation aft a planetary acquisition spree, has projected a program to settee $61 cardinal successful debts owed to thousands of creditors by paying 40% of the total.

The conglomerate warned successful a connection Tuesday that it faces imaginable liquidation owed to “mismanagement and concern disorder.” HNA Group said Friday its president and CEO were detained by constabulary connected suspicion of unspecified crimes.

HNA Group, which operates Hainan Airlines and different carriers, bought hotels, a involvement successful Deutschebank AG and different assets overseas starting successful 2014, financed by slope loans and enslaved sales. The institution was struggling to wage its debts erstwhile past year’s planetary question shutdown to combat the coronavirus devastated its aviation business. The authorities of the confederate state of Hainan took power successful February 2020.

The repayment plan, released Tuesday by HNA's publically traded Hainan Airlines Holding Co. subsidiary, said an head has asked a tribunal to corroborate the institution is obligated to wage 161.2 cardinal yuan ($25 billion), oregon astir 40% of the 397.2 cardinal yuan ($61 billion) claimed by 4,915 creditors.

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Creditors would person shares successful Hainan Airlines and nary much than 100,000 yuan ($15,500) successful currency to settee one-third of the debt, the program said. It said HNA Group and related companies volition beryllium liable for two-thirds of the remaining debt.

HNA Group said Friday its chairman, Chen Feng, and CEO, Tan Xiangdong, were “taken nether compulsory measures” by constabulary owed to “suspicion of crime.” It gave nary details but said operations “are not affected.”

HNA attracted attraction successful Washington successful 2017 erstwhile it agreed to bargain a hedge money from Anthony Scaramucci, who was owed to instrumentality a White House station arsenic then-President Donald Trump’s liaison to Wall Street. The 2 sides called disconnected the woody successful 2018.

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