Exclusive: Country Garden plans to present debt revamp plan in second half, sources say [Reuters]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
NASDAQ:AMEX Investor Relations:
en.bgy.com.cn
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Source: Reuters
second half of this year, two sources said, as the embattled developer scrambles to stave off a liquidation petition. China's biggest private developer defaulted on its $11 billion worth of offshore bonds late last year and is facing a liquidation petition in Hong Kong for non-payment of a $205 million loan. The first court hearing has been set for May 17. A growing list of Chinese developers has defaulted on their repayment obligations since the sector slipped into an unprecedented debt crisis in mid-2021, and a handful have been ordered to be liquidated by courts so far. China Evergrande Group was in late January by a Hong Kong court after it failed to offer a concrete restructuring plan to creditors more than two years after defaulting on its offshore debt. If Country Garden is able to present a debt restructuring proposal to its offshore creditors and get their approval for implementing it, it would help the developer push back against the liquidation petition. A liquida
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