China’s HNA Group tells creditors it may face at least $2.4 billion liquidity shortage in first quarter – Bloomberg

BEIJING (Reuters) – China’s HNA Group has told creditors it may face at least a 15 billion yuan ($2.4 billion) liquidity shortage in the first quarter, Bloomberg reported on Tuesday citing unnamed sources.

The report said HNA briefed major creditors and provincial government officials during a meeting last week in Hainan and that some creditors are considering banding together to exert further pressure on HNA.

The conglomerate has about 65 billion yuan in debt it needs to repay during the first quarter, Bloomberg said citing one unnamed source.

HNA declined to comment on the report.

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