RE: Retail sales18 Aug 2023 00:37
RED WARNING -------------- EVERGRADE TO TAKE DOWN ALL MARKETS THIS MORNING
Chinese real estate giant Evergrande Group filed for Chapter 15 bankruptcy protection in the Southern District of New York, according to a court filing on Thursday. Chapter 15 serves to aid foreign companies with assets in the United States to reach agreements with their creditors.
The company reported an operating loss of $81 billion in 2021 and $8.9 billion in 2022 amid a wider property sector crisis in China. It is in the process of working out a debt restructuring deal in Hong Kong and the Cayman Islands.
Baha Breaking News (BBN) / DJ