Evergrande's liquidators have announced that the company, as well as two of its subsidiaries, have decided to withdraw their Chapter 15 applications in the United States. This move comes amidst the ongoing debt crisis faced by the Chinese property giant.
Chapter 15 is a section of the US bankruptcy code that deals with cross-border insolvency cases. Evergrande and its subsidiaries had initially filed for Chapter 15 protection in the US as part of their efforts to restructure their massive debt obligations.
