China’s property giant Evergrande files for bankruptcy protection in Manhattan court

China’s heavily indebted property giant Evergrande Group on Thursday filed for Chapter 15 bankruptcy protection in a U.S. court.

In a filing with the Manhattan bankruptcy court, the company referenced restructuring proceedings in Hong Kong, the Cayman Islands and the British Virgin Islands.

In a separate statement, Evergrande on Friday said that it will ask the U.S. court for “recognition of the schemes of arrangement under the offshore debt restructuring for Hong Kong and the British Virgin Islands.”

It added, “The application is a normal procedure for the offshore debt restructuring and does not involve bankruptcy petition.”