China’s Evergrande asks court to approve debt plan and rejects bankruptcy claims

A giant Chinese real estate developer that is struggling to avoid defaulting on 340-billion-dollar debt (£267 billion) said it is asking a US court to approve a restructuring plan for foreign bondholders and rejected claims that it has filed for bankruptcy.

Evergrande Group’s mountain of debt prompted fears in 2021 of a possible default that might send shockwaves through the global financial system.