{"id":12625,"date":"2023-08-17T22:47:38","date_gmt":"2023-08-17T22:47:38","guid":{"rendered":"https:\/\/isafespend.com\/investing\/china-evergrande-seeks-chapter-15-protection-in-manhattan-bankruptcy-court\/"},"modified":"2023-08-17T22:47:39","modified_gmt":"2023-08-17T22:47:39","slug":"china-evergrande-seeks-chapter-15-protection-in-manhattan-bankruptcy-court","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=12625","title":{"rendered":"China Evergrande seeks Chapter 15 protection in Manhattan bankruptcy court"},"content":{"rendered":"
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\u00a9 Reuters. A partially removed company logo of China Evergrande Group is seen on the facade of its headquarters in Shenzhen, Guangdong province, China January 10, 2022. REUTERS\/David Kirton\/File photo<\/span>
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By Jonathan Stempel, Dietrich Knauth and Manya Saini<\/p>\n

NEW YORK (Reuters) -China Evergrande, which is the world’s most heavily indebted property developer and became the poster child for China’s property crisis, on Thursday filed for protection from creditors in a U.S. bankruptcy court.<\/p>\n

The company sought protection under Chapter 15 of the U.S. bankruptcy code, which shields non-U.S. companies that are undergoing restructurings from creditors that hope to sue them or tie up assets in the United States.<\/p>\n

An affiliate, Tianji Holdings, also sought Chapter 15 protection on Thursday in Manhattan bankruptcy court.<\/p>\n

A lawyer for Evergrande did not immediately respond to requests for comment.<\/p>\n

Evergrande’s filing comes amid growing fears that problems in China’s property sector could spread to other parts of the country’s economy as growth slows. <\/p>\n

Since the sector’s debt crisis unfolded in mid-2021, companies accounting for 40% of Chinese home sales have defaulted.<\/p>\n

The health of Country Garden, China’s largest privately run developer, is also worrying investors after the company missed some interest payments this month. <\/p>\n

Evergrande recently had $330 billion of liabilities. A late 2021 default triggered a string of defaults at other builders, resulting in thousands of unfinished homes across China.<\/p>\n

In a filing in the Manhattan bankruptcy court, Evergrande said it was seeking recognition of restructuring talks under way in Hong Kong, the Cayman Islands and the British Virgin Islands.<\/p>\n

Evergrande has said creditors may be able to vote this month on a restructuring, with possible approval by Hong Kong and British Virgin Islands courts in the first week of September.<\/p>\n

The company proposed scheduling a Chapter 15 recognition hearing for Sept. 20.<\/p>\n

Last month, Evergrande posted a combined $81 billion loss for 2021 and 2022, prompting investor worries about the viability of a debt restructuring plan it proposed in March.<\/p>\n

On Monday, its electric-vehicle unit China Evergrande New Energy Vehicle Group announced its own proposed restructuring. <\/p>\n

That plan called for a $2.7 billion debt-for-equity swap, and a nearly $500 million share sale that would give Dubai-based automaker NWTN a 27.5% stake.<\/p>\n

Evergrande NEV’s combined 2021 and 2022 loss was nearly $10 billion.<\/p>\n

Trading in China Evergrande shares was suspended in March 2022.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. A partially removed company logo of China Evergrande Group is seen on the facade of its headquarters in Shenzhen, Guangdong province, China January 10, 2022. REUTERS\/David Kirton\/File photo By Jonathan Stempel, Dietrich Knauth and Manya Saini NEW YORK (Reuters) -China Evergrande, which is the world’s most heavily indebted property developer and became the<\/p>\n","protected":false},"author":1,"featured_media":11533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-12625","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nChina Evergrande seeks Chapter 15 protection in Manhattan bankruptcy court | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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