Evergrande files for bankruptcy protection in US
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E-mail chinadaily.com.cn, August 18, 2023
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China Evergrande Group, a prominent property developer with debt troubles, is seeking to protect its US assets from creditors while working on a restructuring deal elsewhere.
The company filed for the protection under Chapter 15 of the US bankruptcy code on Thursday in a US bankruptcy court in Manhattan, New York. The code chapter shields non-US companies that are undergoing restructurings from creditors that hope to sue them or seize the assets in the United States.
Its subsidy Tianji Holding Limited also sought Chapter 15 bankruptcy protection in the court.
In the filing, China Evergrande said it was seeking recognition of restructuring talks underway in Hong Kong, the Cayman Islands and the British Virgin Islands.
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