Evergrande bankrupt: the Chinese group files an application in the USA

The company had gone into insolvency in 2021 due to heavy debt

Editorial board

China’s real estate giant Evergrande filed for bankruptcy in a New York court. According to US media reports, the Chinese group also presented the filing for bankruptcy protection under Chapter 15 in a Big Apple court.

Evergrande files for bankruptcy

Evergrande seeks recognition of ongoing restructuring talks in Hong Kong, the Cayman Islands and the British Virgin Islands. Chapter 15 protects a company’s U.S. assets while it works to restructure its debts. The company, which failed to repay its debt in 2021, has accumulated more than $300 billion in debt. He is considered one of the most heavily indebted real estate developers in the world.

In January 2022, the group announced a restructuring plan and its shares have been suspended from trading since March 2022. The company, once the second largest in the industry in China by revenue, had gone into insolvency due to heavy debtsending the entire real estate market of the Asian giant into a crisis.

the Country Garden is also concerned

The debt of another Chinese real estate giant, the Country garden. The group, once considered financially sound, last Monday was unable to repay two installments of loan interest and, if I am unable to pay, formally risk default in September.



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