The move protects it from creditors in the US while it works on a restructuring deal elsewhere. The Chinese homebuilder s Chapter 15 petition references restructuring proceedings being carried out in Hong Kong and the Cayman Islands.
China Evergrande Group files for bankruptcy in New York amid debt crisis business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
The troubled property group filed for bankruptcy protection, using the so-called Chapter 15 process for foreign firms seeking recognition of their restructuring.
Evergrande’s fate has broad implications for China’s $60 trillion financial system, and could send ripples across banks, trusts and millions of home owners.
Developer China Evergrande files for bankruptcy protection in New York as it restructures thenationalnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenationalnews.com Daily Mail and Mail on Sunday newspapers.