Real estate giant files for bankruptcy in New York court
(FOX BUSINESS) – Chinese real estate behemoth Evergrande on Thursday filed for Chapter 15 bankruptcy protection in a Manhattan court.
In its filing, Evergrande said it was seeking recognition of restructuring talks currently underway in Hong Kong, the Cayman Islands and the British Virgin Islands.
Chapter 15 shields non-U.S. companies that are undergoing restructurings from creditors that hope to sue them or tie up assets in the United States.
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