HNA Group (International), an investment arm of Chinese conglomerate HNA Group, on Wednesday was granted a reprieve against two winding-up petitions in Hong Kong after a judge adjourned the hearing by six weeks.

Justice Hui Ka-ho pushed the court hearing to August 14, giving the Hong Kong-based company time to clean up its house and negotiate with creditors. It was the first time a case was brought against HNA Group (International) after it defaulted on a US$200 million bond in 2021.

Golden Morning Hong Kong, a private company registered in February this year, filed the winding-up petition against the company in April. Law firm Ashurst Hong Kong later filed a similar petition.

A hearing on Ashurst’s lawsuit was previously scheduled for July 17, but was later combined with Golden Morning’s hearing on Wednesday.

Justice Hui dismissed a request from the lawyers representing both plaintiffs, who asked for the case to be adjourned for up to 12 weeks to negotiate with the defendant.

A lawyer representing Ashurst said they did not rule out withdrawing the case.

Privately owned HNA Group (International), formerly named HNA Hong Kong Holdings, invests on behalf of its parent in industries covering aviation, tourism, logistics and technology.

The parent HNA Group completed its restructuring two years ago after it collapsed under billions of dollars in debt. It was seized by China’s southern Hainan provincial government in 2020, after it became one of the country’s biggest debt-laden entities.

HNA Group, founded by former Chinese civil aviation bureaucrat Chen Feng around the business of Hainan Airlines, grew into one of China’s largest private conglomerates and most profligate offshore asset buyers over the past two decades.

At its peak, HNA Group owned tens of billions of dollars in assets around the world, from the largest stake in Deutsche Bank to a quarter of Hilton Hotels and Resorts, and four tracts of oceanfront land at Hong Kong’s former Kai Tak airport.