NEW YORK: The Chinese real estate giant Evergrande filed for bankruptcy protection in the US on Thursday.
The China Evergrande Group made the Chapter 15 bankruptcy protection filing in a New York court, German news agency (dpa) quoted US media including CNN and The New York Times reports.
Chapter 15 protects the US assets of a company while it works on restructuring its debts.
The company, which defaulted on debt repayments in 2021, has accumulated more than $300 billion in debt. It is considered one of the world’s most heavily indebted property developers.
In January 2022, the group announced a restructuring plan and its shares have been suspended from trading since March 2022. – BERNAMA-dpa
