News Analysis HNA Group, the acquisitive conglomerate once synonymous with China’s global ambitions, has succumbed to its massive debt load and entered bankruptcy proceedings at the behest of its creditors. The Hainan-based company was served by its creditors on Jan. 29 in the provincial court to begin bankruptcy restructuring, the company announced on its WeChat board. Previously, a government-led effort to restructure its debts failed to sufficiently repay HNA Group’s creditors. It’s been a precipitous fall for one of China’s highest-profile conglomerates. HNA Group was established by Chen Feng, who worked for the civil aviation authority before starting Hainan Airlines, the flag airline of the southern-most province in China and the crown jewel of HNA Group’s assets. HNA Group gorged on debt and bank loans to fund its overseas asset purchases. At one point in 2017 HNA Group owned a sprawling portfolio of global assets including a 25 percent stake …