China Evergrande files for Chapter 15 protection from creditors: Court filing

China Evergrande is seeking protection from creditors in the United States under Chapter 15 of the US bankruptcy code, court documents showed on Thursday (Aug 17).

Earlier this week, the embattled property developer resolved to delay its meetings for the Hong Kong CEG Class A and Class C holders of debt to provide them more time to consider its fresh restructuring plan.

Since the sector’s debt crisis unfolded in mid-2021, companies accounting for 40 per cent of Chinese home sales have defaulted, most of them private property developers.

Trading in the company’s shares was suspended on Mar 21 last year.