China Evergrande Group, a Chinese real estate developer, filed for Chapter 15 bankruptcy protection in New York bankruptcy court on the 17th. revealed in court documents.
The application of Chapter 15 bankruptcy will protect assets in the United States, while restructuring is planned for locations outside the United States. International debt restructuring transactions may require a Chapter 15 bankruptcy filing in the process of finalizing the transaction.
Evergrande’s application refers to restructuring proceedings taking place in Hong Kong and the Cayman Islands. The company has been working on finalizing its offshore debt restructuring plans for several months. In July, it received court approval to take a vote on the deal, and plans to hold a meeting later this month.
news-rsf-original-reference paywall">Original title:China Evergrande Files Chapter 15 Bankruptcy in New York(excerpt)
2023-08-17 21:31:00
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