According to the Daily Planet, Evergrande Group filed for bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code in the Southern District Court of New York, and applied for restructuring procedures in Hong Kong and the Cayman Islands. Chapter 15 of the U.S. Bankruptcy Code allows corporate entities outside the United States to apply for bankruptcy procedures in the U.S. court system through their authorized representatives. This move is intended to protect its U.S. assets from creditors while conducting restructuring transactions elsewhere. Evergrande's subsidiaries Tianji Holding Ltd. and Scenery Journey Limited also filed for bankruptcy protection at the same time.