Faculty file shows that China Evergrande Group has been based on the United States based on the United States.Chapter 15 of the Bankruptcy Law apply for bankruptcy protection in New York.This is for Evergrande Group to protect its US assets from infringement on the occasion of reorganization elsewhere.
Comprehensive Bloomberg and Agence France -Presse reported that when Evergrande's application for bankruptcy law enabled enterprises to reorganize in other regions, US assets can also be protected.International debt reorganization transactions sometimes request the application for the bankruptcy law when the transaction is finalized.
Evergrande, who has been in the debt crisis for several months, has been working hard to finalize the offshore debt restructuring plan.Evergrande's application documents mentioned the reorganization procedures for Hong Kong and Cayman Islands.Evergrande was approved by the Hong Kong court in July and will vote on the offshore debt restructuring plan this month.
China Evergrande Group borrowed a lot in 2021 and defaults.As of the end of last year, the total loan amount reached 2.437 trillion yuan (RMB, the same below, about S $ 449.2 billion).
China Evergrande Group also reported in a financial document last month that the company lost $ 81 billion in shareholders' funds in 2021 and 2022Sexual concerns.
Earlier this year, Evergrande announced the debt restructuring plan.The company said that it has reached a "binding agreement" with international bond holders on the key terms of the plan.
As part of the reorganization plan, Evergrande said that it will focus on restoring normal operations in the next three years, but it will take 36.4 billion to $ 43.7 billion in additional financing.The company also warned that its electric vehicle department faced the risk of closing without new funds.
Earlier this week, NWTN, headquartered in Dubai, announced a strategic investment of $ 500 million in Evergrande's electric vehicle group in exchange for about 28%of the shares.
