One of China’s biggest corporate failures is at hand.  The HNA Group, the massive airlines-to-hotels conglomerate that between 2015 and 2017 went on a global shopping spree, spending tens of billions of dollars to acquire stakes in the Hilton Hotels, Deutsche Bank and other overseas properties, is heading towards bankruptcy reorganization. The company, whose assets had already been seized by the state, said Friday that it would cooperate with a court in Hainan Province, where it is headquartered, after creditors asked the authorities to approve a bankruptcy restructuring plan aimed at paying down the company’s massive debts.  The move set the stage for the dissolution of one of China’s first global companies, a sprawling conglomerate that not long ago boasted $150 billion in assets, 400,000 employees and 20 publicly traded companies. It paid $6 billion to acquire a California electronics distributor called Ingram Micro. In the summer of 2017, HNA even held an