Evergrande Has COLLAPSED | You MUST See What Comes Next

Chapter 15 Bankruptcy Protection

China’s real estate behemoth, Evergrande Group, recently made headlines as it submitted a request for Chapter 15 bankruptcy protection in a Manhattan-based U.S. bankruptcy court. This move arrives post the global recognition of Evergrande as the most indebted property developer, which suffered a default in 2021 and declared an offshore debt restructuring initiative by March the next year. As an outcome, the trading of Evergrande’s shares has been put on hold since March 2022. The unique facet of Chapter 15 bankruptcy protection is its ability to enable a U.S. bankruptcy court to step in on international insolvency matters involving non-U.S. firms currently in the middle of restructuring processes. This method primarily seeks to shield the assets of the debtor and streamline the revival of financially struggling companies. In a related development, Tianji Holdings, closely linked to Evergrande, alongside its offshoot, Scenery Journey, have also petitioned for Chapter 15 protection in Manhattan. Further compounding the challenges in the property sphere, there’s mounting anxiety about the ripple effects of China’s property industry woes negatively impacting broader economic sectors, as the nation grapples with wavering growth metrics. An illustration of this can be seen in Country Garden’s recent financial strife, once among China’s leading developers, now grappling with issues like coupon payments on its U.S. dollar bonds, and sounding alarms on profit drops. Reports also highlight the suspension of trading in a minimum of 10 of its yuan bonds traded in mainland China. #Evergrande #Bankruptcy #china #CountryGarden #Chinarealestate
Credit to : The Money GPS

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