Country Garden Appoints Legal Adviser, Urges Creditor Patience [BNN Bloomberg (Canada)]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
NASDAQ:AMEX Investor Relations:
en.bgy.com.cn
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Source: BNN Bloomberg
for its offshore debt restructuring, while urging creditors to be patient with its progress. Linklaters will facilitate communication between Country Garden and its offshore creditors, the company said in a statement to the Hong Kong stock exchange Sunday. Country Garden has also engaged Kroll LLC to perform an independent recovery analysis on the group to provide information for creditors, it said. In its update, Country Garden said it had made “significant progress” on its restructuring plan and reiterated its determination to “advance a holistic solution” that ensures the long-term development of the group, safeguards the interests of all stakeholders, and ensures fair treatment of all creditors. Once the largest developer by sales in China, Country Garden has become the poster child of the nation's real estate crisis that's seen the demise of the likes of China Evergrande Group and rattled financial markets. Country Garden's financial woes are piling up, with an 83% slump
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