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HNA's Week of Woes

  • Conglomerate’s share pledges said to be behind frozen accounts
  • Prices on some local HNA unit bonds dropped to record lows
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HNA Crisis Deepens Amid $2.4B Cash Crunch

Debt-laden HNA Group Co. slid in the bond market this week on deepening signs that the Chinese conglomerate is struggling with its ability to honor obligations.

The company is already grappling with soaring borrowing costs that are pushing up its debt refinancing bills just as bond maturities are set to jump later this year. Among the declines, an HNA bond slid to a record low of 94 yuan, a security of HNA’s Hainan Airlines Holding Co. fell to its lowest ever at 91 yuan, and a note from HNA Capital Group dropped to a four-year low of 100 yuan.