China's HNA Group faces bankruptcy, restructuring ruling

Creditors of China's HNA Group have applied for bankruptcy and restructuring to the court after HNA failed to pay off due debts, according to a statement by HNA.

The company said it will cooperate with the court to go ahead with the judicial review, debt disposal and support the court's protection of the legal rights of creditors to ensure company operations.

HNA also owns 25 percent of Hilton Worldwide, and is one of the biggest conglomerates in the country.