Real estate giant files for bankruptcy in New York court

(FOX BUSINESS) – 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.

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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.