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Bankruptcy is just you admitting to the court/gov you're not going to pay your creditors, and you're ready to face the legal consequence (like reconstruction).
by raincole 3y ago
Bankruptcy is just you admitting to the court/gov you're not going to pay your creditors, and you're ready to face the legal consequence (like reconstruction).
They filed bankruptcy in Manhattan because they are not going to pay their creditors in the US. That's it.
- fergal 3y agoWhat is it about the topic of global finance that when someone asks a straightforward questions it illicits an answer wrapped in condescension.
- raincole 3y agoI read the question as it implies Evergrande is not a "China's property giant", which it definitely is. But I might read it wrong. I'll edit out my condescending tone.
- local_issues 3y agoThey filed in Manhattan in particular for very good reason - the venue is extremely good at huge, complex bankruptcies like this. It's non-trivial to unwind these financial obligations, and is really only done in NYC. https://en.wikipedia.org/wiki/United_States_Bankruptcy_Court_for_the_Southern_District_of_New_York https://en.wikipedia.org/wiki/United_States_Bankruptcy_Court...