Posted on 08/17/2023 7:18:32 PM PDT by Braak
Chinese real estate behemoth Evergrande on Thursday filed for Chapter 15 bankruptcy protection in a Manhattan court.
In its filing, Evergrande said it was seeking recognition of restructuring talks currently underway in Hong Kong, the Cayman Islands and the British Virgin Islands.
Chapter 15 shields non-U.S. companies that are undergoing restructurings from creditors that hope to sue them or tie up assets in the United States.
(Excerpt) Read more at foxbusiness.com ...
“China’s Evergrande files for bankruptcy in New York court”
Smart move. In China they throw you in the Gulag if you file for bankruptcy.
I wonder how many public pension funds taxpayers will be bailing out...
Their house of cards is falling apart right before our very eyes...
Meanwhile...
CalSTRS isn’t coming clean about how much it still has.
Best Christmas movie…
I was wondering what was taking them so long. They are in deep crap.
The many times that Wall Street has allowed listings on exchanges by foreign companies is proof that Wall Street seeks profits at all costs, and of course those costs will again becoming from investors.
So, gloating about the failing idiocy which was the Evergrande and its speculative bubble thinking "great, it's Chinese" fails to take into account a lot of American venture capital and especially those "funds" -- public as well as private -- that invested and now will take a loss.
Just as our own home-grown idiocy in Solyndra and Proterra are losing propositions for taxpayers, the calls from some American funds to have some taxpayer related redress will come. Tick tock.
The next largest real estate company in China failed to make their bond payments and they are in their 30 day grace period.
Things are not good in China.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.