When HNA merged its Hong Kong-based financing arm, HNA Innovation Finance, into its bigger HNA Logistics unit, it cited streamlining its operations and boosting efficiency as its rationale.
But that's only half the story. In fact HNA Group has been frantically offloading expensively acquired assets as it seeks to ease its financial distress.
But how did the company, which started as a modest airline in the island province of Hainan, find itself in this situation A look into its background offers clues.
Private equity firms are generally in the business of taking over companies using some of their own money but also money...