The crisis surrounding HNA Group Co. deepened after it emerged that the Chinese company’s ability to repay its debt will face a potential shortfall of at least 15 billion yuan ($2.4 billion) in the first quarter.
The sprawling conglomerate warned major creditors about its financial status in a meeting in Hainan last week, though it also said that the pressure will probably ease in the second quarter as the group steps up asset disposals, according to people familiar with the matter, who asked not to be named because the discussions are private.
