Odaily Planet Daily News Evergrande Group filed for bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Law in the Southern District Court of New York State, and applied for reorganization procedures in Hong Kong and the Cayman Islands.
Chapter 15 of the U.S. Bankruptcy Code allows corporate legal persons outside the United States to file for bankruptcy in the U.S. court system through their appointed representatives. The move is aimed at protecting its U.S. assets from creditors while pursuing restructuring deals elsewhere.
Evergrande subsidiaries Tianji Holding Ltd. and Scenery Journey Limited also filed for bankruptcy protection at the same time. (Bloomberg)