CNN  — 

China’s Evergrande Group filed for bankruptcy in New York on Thursday.

Evergrande was once China’s largest property developer by sales, but after borrowing heavily, the company collapsed in 2021, sparking China’s worst property market crisis on record. In March of this year, Evergrande unveiled a multi-billion dollar restructuring plan to pay off its international creditors. The company had more than $270 billion in total liabilities.

Evergrande filed for Chapter 15 bankruptcy protection, intended to help companies deal with insolvency cases involving more than one country.

This is a developing story. Check back for updates.