Evergrande has lost over $80 billion in the past two years and owes over $300 billion in liabilities The world’s most indebted property developer, China Evergrande Group, has filed for bankruptcy protection in the US in an effort to restructure its mounting debt, the company announced on Friday. The group’s petition was filed in the US bankruptcy court in the Southern District of New York. According to the court filing, the developer is seeking help under Chapter 15 of the US bankruptcy code, which protects non-US companies under restructuring from creditors planning to sue. Evergrande also said it will ask the US
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