Thursday, August 17, 2023

"China's Evergrande files for bankruptcy in New York amidst ongoing crisis"

 rom India's WION, August 18:

Updated: Aug 18, 2023, 09:04 AM IST

China's Evergrande Group officially filed for bankruptcy in New York on Thursday. The company which was once China's second-largest property developer in terms of sales has been facing substantial borrowing and debt defaults since 2021. This triggered an ongoing property crisis within China.

Chapter 15 bankruptcy proceedings
As per CNN, Evergrande has filed for Chapter 15 bankruptcy protection. This legal provision enables a United States bankruptcy court to recognise and provide support for insolvency or debt-restructuring cases involving foreign entities....


And more to come. I'd guess dollar denominated debt gets hit first but we'll see.