China Evergrande Group EGRNF, has sought Chapter 15 bankruptcy protection in New York courts, according to reports Thursday. The developer earlier this month reported narrowing losses for 2022 as it reined in costs. Evergrande defaulted in late 2021. In recent sessions, investors have worried about another troubled Chinese developer, Country Garden Holdings, whose bonds were downgraded to deteriorating from stable by research company GimmeCredit on Wednesday.
This article was originally published by Marketwatch.com. Read the original article here.
