Even for a company that's been through as many crises as HNA Group Co., it's been a rough few months.
In April, creditors of the embattled Chinese conglomerate took the extraordinary step of seizing golf courses and other assets after a unit missed a loan payment. The group's also been embroiled in an increasingly bizarre power struggle over control of Hong Kong Airlines, while people familiar with the matter say HNA shelved the sale of a container-leasing business after failing to find anyone willing to pay the $1 billion-plus price it was seeking.
For HNA, the setbacks underscore how the group is still struggling to deal with the fallout of a global acquisition spree that pushed it deep into debt. Despite agreeing to sell more than $25 billion in assets since the beginning of 2018, HNA's travails more broadly show how China's two-year deleveraging campaign continues to rock some of its biggest targets, many of which emerged during a period when the government was encouraging private enterprises to seek out overseas assets.