Chinese real estate giant Evergrande files for bankruptcy in the United States

by archynewsycom
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It had been in the spotlight for months, but it has been now that it has been confirmed. China’s indebted real estate giant Evergrande In recent hours, it has requested the protection of the US bankruptcy law to face its serious financial situation and avoid the seizure of its assets, the Chinese newspaper Caijing reported based on media information from the North American country.

The company has filed for Chapter 15 of the US bankruptcy code, which allows foreign companies that are in the process of restructuring suspend payments on its international debts in the United States.

The petition has been filed in a New York court, where Evergrande has a subsidiary, Tianji Holdings, which has also filed for chapter 15 protection.

The real estate company has spent months trying to negotiate a restructuring plan with its creditors that will allow it to get out of business.

Your debtors are called to a meeting with the company in the next few days August 23 and 24a meeting during which they will vote on the proposed restructuring plan for their almost 20,000 million dollars (about 18,000 million euros) of ‘offshore’ debt.

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