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HNA Units Missed Payments to More Chinese Banks
- Failure to pay prompted some lenders to freeze credit lines
- Debt-laden conglomerate is heavily reliant on credit lines
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Units of HNA Group Co. missed payments due to several Chinese banks in recent weeks, prompting three lenders to freeze some of the borrowers’ unused credit lines, people with knowledge of the matter said.
As of Jan. 4, four of the banks still hadn’t collected on principal and interest payments owed late last year, said the people, who spoke on condition the lenders not be named because of the sensitivity of the matter. They declined to name the units or provide any details on the size of the missed payments. China Citic Bank Corp. said last month a unit of HNA was having difficulty repaying some short-term commercial bills.