China Evergrande Files for Chapter 15 Bankruptcy in US
China Evergrande, the heavily indebted property developer, on Thursday filed for protection from creditors with the U.S. bankruptcy court in Manhattan.
The filing under Chapter 15 of the U.S. bankruptcy code came after China Evergrande resolved to delay its meetings for the Hong Kong CEG Class A and Class C holders of debt, to provide more time to consider a fresh restructuring plan.
Since the sector’s debt crisis unfolded in mid-2021, companies accounting for 40% of Chinese home sales have defaulted, most of them private property developers.
Source:Reuters
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