China’s Evergrande Group—once the country’s second-largest property developer—filed for bankruptcy in New York on Thursday.
The Chinese developer filed for Chapter 15 bankruptcy protection, which allows a U.S. bankruptcy court to step in when an insolvency case involves another country. Chapter 15 bankruptcy is intended to help promote cooperation between U.S. courts, debtors, and other countries’ courts involved in cross-border bankruptcy proceedings.
NTD spoke with Brian McCarthy, chief strategist at MacroLens, for his thoughts.