NEW YORK: Chinese developer Sunac China Holdings has filed for Chapter 15 protection from creditors in a US bankruptcy court, court documents showed on Tuesday.
The company sought protection under Chapter 15 of the US bankruptcy code, which shields non-US companies that are undergoing restructurings from creditors that hope to sue them or tie up assets in the United States.
Creditors of Sunac China Holdings approved its US$9 billion offshore debt restructuring plan on Monday, marking the first approval of such debt overhaul by a major Chinese property developer.
Sunac is among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by a liquidity crisis in 2021, roiling global markets.