On August 17, 2023, Evergrande submitted a Chapter 15 bankruptcy petition to a Manhattan court. Foreign debtors may use Chapter 15 bankruptcy to legally shield their US assets from creditors.
Chinese real estate developer Evergrande has been fighting for months to pay off its obligations. With obligations exceeding $300 billion in September 2021, the corporation was on the verge of defaulting on its debt.
At the end of 2021, the main business of Evergrande, Evergrande Property Services Group, had just $32 billion in cash, or around 10% of its entire liabilities. This indicates that the company's financial status is extremely unstable.
A further indication of Evergrande's financial difficulties is the filing. Although the long-term effects of this filing are not yet evident, they will probably be detrimental to the Chinese economy and the international financial system.
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5?? SEC Set to Approve First Ethereum Futures ETF in US (
A significant victory for various businesses that have long wanted to provide the products will come with the US Securities and Exchange Commission's impending approval of the first exchange-traded funds based on Ethereum futures.
According to those with knowledge of the situation, the regulator is unlikely to block the products, which would be based on futures contracts for the second-largest cryptocurrency. The ETFs have been filed for launch by almost a dozen companies, including Volatility Shares, Bitwise, Roundhill, and ProShares.
It is not clear which funds will be approved, but officials have stated that several may get green light by October. The SEC chose not to respond.
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