China Evergrande Group Seeks Chapter 15 Bankruptcy Protection in US Court
China Evergrande, a heavily indebted property developer, has filed for protection from creditors under Chapter 15 of the U.S. bankruptcy code in Manhattan. The filing comes after the company delayed meetings for its debt holders to consider a fresh restructuring plan. This move follows a debt crisis in the Chinese real estate sector, with several private property developers defaulting on their debts. Trading in China Evergrande shares has been suspended since March 2021. Another company, Tianji Holdings, also filed a related Chapter 15 petition in Manhattan.