Lenders File Rival Plan for HNA Group’s Park Avenue Skyscraper

Lenders backing a prestigious New York office tower owned by China’s HNA Group Co. asked a judge for permission to pursue a competing plan to bring the Park Avenue skyscraper out of bankruptcy.

PWM Property Management, the bankrupt unit of HNA Group that controls the property, should not have an exclusive right to reorganize the office tower, according to court papers filed by lenders and the former manager of 245 Park Avenue.

PWM Property has taken too long to develop a plan and should not be given any more time, Rachel C. Strickland, an attorney for the lenders and ...