What the Leeham story fails to make clear is that the HNA group, which started out as an aviation group; grew into a real estate speculative group still owning stakes in many airlines. A real estate slump left the group in a potentially bankrupt situation, with huge debts and illiquid assets that could only be sold at a major loss.
Some of the airlines may be comparatively easy to sell, if the Chinese government is ready to help by having banks fund the deal(s). The difficult air transport market situation, however, means that the sale(s) may create more losses for the HNA group.
If the airlines were sold, then the rest of the group would likely be liquidated.