China’s property giant Evergrande files for bankruptcy protection in Manhattan court

• China’s heavily indebted property developer Evergrande Group on Thursday filed for Chapter 15 bankruptcy protection in a U.S. bankruptcy court.
• In a filing to the Manhattan bankruptcy court, the firm sought recognition of restructuring talks underway in Hong Kong, the Cayman Islands and the British Virgin Islands.
• The world’s most indebted property developer defaulted in 2021 and announced an offshore debt restructuring program in March.

China’s heavily indebted property giant Evergrande Group on Thursday filed for Chapter 15 bankruptcy protection in a U.S. court.

In a filing with the Manhattan bankruptcy court, the company referenced restructuring proceedings in Hong Kong, the Cayman Islands and the British Virgin Islands.

CNBC has reached out to Evergrande for comment but did not hear back.

The world’s most indebted property developer defaulted in 2021 and announced an offshore debt restructuring program in March. Trading of Evergrande shares have been suspended since March 2022.

Source: CNBC