Chinese developer Sunac China Holdings has filed for Chapter 15 protection from creditors in a U.S. bankruptcy court, according to court documents. This move allows non-U.S. companies undergoing restructurings to be shielded from creditors looking to sue them or tie up their assets in the United States. On Monday, creditors of Sunac China Holdings approved a $9 billion offshore debt restructuring plan, making it the first major Chinese property developer to receive such approval. Sunac is one of several Chinese property developers that have defaulted on their offshore debt payments this year, causing turmoil in global markets.
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