Hong Kong CNN —One of China’s leading property developers, Sunac, has filed for bankruptcy protection in the United States, shortly after winning approval from its creditors to restructure nearly $10 billion worth of debt.
The company filed a petition for Chapter 15 protection with the US Bankruptcy Court for the Southern District of New York on Tuesday.
It’s the second big distressed Chinese developer in weeks to seek such protection: Evergrande made a Chapter 15 filing in the United States a month ago, after posting losses of $81 billion in the last two years.
Entering the process may help Sunac China negotiate with overseas lenders as it works to overhaul its debt.
“While Evergrande is still struggling to get their offshore creditors on board, Sunac has really overtaken them,” she said.
Persons:
It’s, Evergrande, Sunac, Sandra Chow, it’s, Chow, ”, —, ” Chow, “, Andy Rose
Organizations:
Hong Kong CNN, US, Court, Southern, of, Asia, CNN, Evergrande
Locations:
China, Hong Kong, United States, of New York