China’s Evergrande liquidators withdraw Chapter 15 applications in US

Evergrande liquidators said applications were made by each of the Company, SJ and Tianji to the US Court on Friday to withdraw Chapter 15 bankruptcy protection, Reuters reported on Sunday.

According to a filing to the Hong Kong Stock Exchange, Evergrande liquidators further said they would make new applications under Chapter 15 of Title 11 of the U.S. bankruptcy code if necessary and appropriate

Earlier, Chinese developer Evergrande was ordered to liquidate by a Hong Kong court following a failed effort to restructure $300 billion owed to banks and bondholders. Chinese President Xi Jinping deemed the debt accrued by Evergrande and other property firms an unacceptable risk for China’s financial system and overall economic health.