(Bloomberg) -- Entities linked to 245 Park Avenue, a Manhattan skyscraper tied to China’s HNA Group Co., filed for Chapter 11 bankruptcy in Delaware, court papers showed.

The listed assets and liabilities are between $1 billion to $10 billion, the filing showed. Tax authorities in Chicago and New York City were listed as the two biggest creditors, where it owes more than $23 million in property taxes.

The filing showed the company has enough funds for distribution to unsecured creditors.

Three years ago, HNA listed the Manhattan property among the assets that it was putting up for sale as it marketed more than $40 billion of its holdings to cut its debt load. At the time, the building was valued by the company at $2.21 billion. 

HNA Chair’s Downfall Ends an Era of Chinese Ambition and Excess

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