The court documents show that the Chinese Olympic Garden of the Chinese Olympic Garden applied for bankruptcy protection in New York according to the US Bankruptcy Law on Wednesday (December 20).
According to Bloomberg, China Olympic Garden stated in November that it has obtained enough creditors to support its reorganization plan and will seek some plans for the Hong Kong courts in January next year.
Applying for bank banknia in New York can protect its US assets when the company conducts reorganized arrangements elsewhere.The international debt restructuring transaction sometimes requires a submission of applications in accordance with Chapter 15 of the US Bankruptcy Law when a certain transaction is finalized.
Evergrande, such as Evergrande, have applied for the same bankruptcy protection in the US court.
Company website information shows that China Olympic Garden Group was established in Guangzhou in 1996 and was listed in Hong Kong in 2007. The project is mainly concentrated in the Greater Bay Area.
