The company’s chapter 15 protection will protect its US assets while it attempts a restructuring deal
Fears of Evergrande’s collapse in 2021 sent shudders through the world’s number two economy.
For months Evergrande has been working on an offshore debt restructuring agreement and it unveiled a proposal earlier this year. It offered creditors a choice to swap their debt into new notes issued by the company and equities in two subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group.
China’s property sector remains in turmoil, with major developers failing to complete housing projects, triggering protests and mortgage boycotts from homebuyers.
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