MIAMI – Today, the creditors of the HNA Group have filed for its bankruptcy, forcing an immediate reorganization of the business. The Group is one of China’s largest conglomerates, mostly connected to the aviation and tourism sector. The firm has been characterized as one of the most aggressive dealmakers of the market after using US$50bn on a global acquisition spree which included companies such as Deutsche Bank and Hilton Worldwide. Three years ago China’s central government and some overseas regulators forced the company to sell many of its shares and concentrate on the aviation and tourism industry. In the following years, the firm constantly grew and finally owned over 2,300 companies. As of June 2019, HNA Group’s total assets reached ¥980.62bn (US$151.77bn) with its gross liabilities hitting ¥706.73bn.