The company’s chapter 15 protection will protect its US assets while it attempts a restructuring deal
China’s Evergrande Group, the world’s most heavily indebted property developer and the poster child for the country’s property crisis, has filed for bankruptcy protection in a US court.
The company sought protection under chapter 15 of the US bankruptcy code, which protects its US assets while it attempts a restructuring deal. The code also provides mechanisms for dealing with insolvency cases involving more than one country.
About Author
More Stories
Kenya tells tea factories to cut ties with Rainforest Alliance due to costs
US shrimp fishers see Trump tariffs as a lifeline: ‘We’re basically on our knees’
Trump tariffs could wipe out European steel sector, senior industry figure says