China’ s distressed corporate giants are increasingly turning to U.S. bankruptcy courts. Instead of seeking discharge under China’ s own bankruptcy system, a growing wave of Chinese megafirms—often state-backed and systemically important—are pursuing cross-border insolvency relief under chapter 15 of the U.S. Bankruptcy Code. This trend raises urgent questions: Why are China’ s largest companies reaching across the Pacific to restructure? And how are their filings reshaping entrenched U.S. bankr